Northwest Bancshares: 2Q Earnings Snapshot
Posted July 27, 2020 12:47 pm.
Last Updated July 27, 2020 12:54 pm.
This article is more than 5 years old.
WARREN, Pa. (AP) _ Northwest Bancshares Inc. (NWBI) on Monday reported a second-quarter loss of $6.2 million, after reporting a profit in the same period a year earlier.
On a per-share basis, the Warren, Pennsylvania-based company said it had a loss of 5 cents. Earnings, adjusted for non-recurring costs, were 25 cents per share.
The results exceeded Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was for earnings of 6 cents per share.
The holding company for Northwest Savings Bank posted revenue of $144 million in the period. Its adjusted revenue was $133.6 million, also topping Street forecasts. Three analysts surveyed by Zacks expected $126 million.
Northwest Bancshares shares have dropped 42% since the beginning of the year. The stock has fallen 43% 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 NWBI at https://www.zacks.com/ap/NWBI
The Associated Press
