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Capital One tops Street 4Q forecasts

MCLEAN, Va. – MCLEAN, Va. (AP) _ Capital One Financial Corp. (COF) on Tuesday reported fourth-quarter profit of $920 million.

The McLean, Virginia-based company said it had net income of $1.58 per share. Earnings, adjusted for one-time gains and costs, came to $1.67 per share.

The results topped Wall Street expectations. The average estimate of 14 analysts surveyed by Zacks Investment Research was for earnings of $1.61 per share.

The credit card issuer and bank posted revenue of $6.19 billion in the period, which also topped Street forecasts. Nine analysts surveyed by Zacks expected $6.08 billion.

For the year, the company reported profit of $4.05 billion, or $7.07 per share. Revenue was reported as $23.41 billion.

Capital One shares have declined 16 per cent since the beginning of the year, while the Standard & Poor’s 500 index has fallen almost 7 per cent. In the final minutes of trading on Tuesday, shares hit $60.38, a decline of 23 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