People's United Reports 2Q Earnings

AP
July 19, 2018 - 4:24 pm
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BRIDGEPORT, Conn. (WTIC and AP) - People's United Financial Inc. on Thursday reported second-quarter net income of $110.2 million.

The Bridgeport-based company said it had profit of 31 cents per share. Earnings, adjusted for costs related to mergers and acquisitions, came to 32 cents per share.

The results met Wall Street expectations. The average estimate of six analysts surveyed by Zacks Investment Research was also for earnings of 32 cents per share.

The holding company for People's United Bank posted revenue of $470.3 million in the period. Its adjusted revenue was $396.1 million, surpassing Street forecasts. Four analysts surveyed by Zacks expected $395.6 million.

People's United shares have fallen 2 percent since the beginning of the year, while the Standard & Poor's 500 index has climbed roughly 5 percent. In the final minutes of trading on Thursday, shares hit $18.32, a rise of 4 percent in the last 12 months.

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