Synovus Financial Q2 Profit Decreases, but beats estimates

(RTTNews) - Synovus Financial (SNV) reported earnings for second quarter that decreased from the same period last year but beat the Street estimates.

The company's bottom line totaled $169.76 million, or $1.16 per share. This compares with $177.90 million, or $1.19 per share, in last year's second quarter.

Excluding items, Synovus Financial reported adjusted earnings of $171.01 million or $1.17 per share for the period.

Analysts on average had expected the company to earn $1.09 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

The company's revenue for the quarter rose 6.9% to $522.65 million from $488.94 million last year.

Synovus Financial earnings at a glance (GAAP) :

-Earnings (Q2): $169.76 Mln. vs. $177.90 Mln. last year. -EPS (Q2): $1.16 vs. $1.19 last year. -Analyst Estimates: $1.09 -Revenue (Q2): $522.65 Mln vs. $488.94 Mln last year.