US Bancorp Q1 Profit Increases, Beats Estimates

(RTTNews) - US Bancorp (USB) released a profit for its first quarter that increased from the same period last year and beat the Street estimates.

The company's earnings totaled $1.603 billion, or $1.03 per share. This compares with $1.209 billion, or $0.78 per share, last year.

Excluding items, US Bancorp reported adjusted earnings of $1.603 billion or $1.03 per share for the period.

Analysts on average had expected the company to earn $0.98 per share. Analysts' estimates typically exclude special items.

The company's revenue for the period rose 3.6% to $6.958 billion from $6.715 billion last year.

US Bancorp earnings at a glance (GAAP) :

-Earnings: $1.603 Bln. vs. $1.209 Bln. last year. -EPS: $1.03 vs. $0.78 last year. -Revenue: $6.958 Bln vs. $6.715 Bln last year.