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Capital One misses 1Q profit forecasts

MCLEAN, Va. – MCLEAN, Va. (AP) _ Capital One Financial Corp. (COF) on Tuesday reported first-quarter net income of $1.01 billion.

The McLean, Virginia-based company said it had profit of $1.84 per share. Earnings, adjusted to account for discontinued operations, were $1.85 per share.

The results missed Wall Street expectations. The average estimate of 12 analysts surveyed by Zacks Investment Research was for earnings of $1.90 per share.

The credit card issuer and bank posted revenue of $6.22 billion in the period, beating Street forecasts. Seven analysts surveyed by Zacks expected $6.1 billion.

Capital One shares have climbed 5 per cent since the beginning of the year, while the Standard & Poor’s 500 index has risen slightly more than 2 per cent. In the final minutes of trading on Tuesday, shares hit $75.94, a fall of 5.5 per cent in the last 12 months.

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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on COF at http://www.zacks.com/ap/COF

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Keywords: Capital One, Earnings Report, Priority Earnings