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Tickers in this Article: USB
US Bancorp (NYSE:USB) announced its results for the most recent quarter on July 18, 2012. U.S. Bancorp is a financial holding company that provides financial services through its subsidiaries, including lending and depository services, cash management, foreign exchange and trust and investment management services.

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The Numbers: US managed to exceed estimates with stronger-than-expected EPS and revenues. The company reported 71 cents per share versus the 69 cents per share estimate and revenues of $5.07 billion versus the $4.98 billion estimate. EPS rose 18.3% while revenue climbed 8.1% from the same period last year. For the second quarter, the company reported profit of $1.42 billion. This is 17.6% higher than the year-ago quarter. Last quarter marked the third in a row of rising net income.

Management Quote: U.S. Bancorp Chairman, President and Chief Executive Officer Richard K. Davis said, "I am exceptionally proud of our Company's second quarter 2012 results, as we reported record diluted earnings per common share of $.71, an 18.3 percent increase over the prior year's quarter and a 6.0 percent increase over the first quarter of 2012. Further, our performance metrics remained industry-leading and within the range of our long-term objectives, with a return on average assets of 1.67 percent, a return on average common equity of 16.5 percent and an efficiency ratio of 51.1 percent.

A Look Back: Net income has increased 30% year-over-year on average across the last five quarters. The biggest gain came in the third quarter of the last fiscal year, when income climbed 40.2% from the year-earlier quarter.

Looking Ahead: Analysts appear increasingly negative about the company's results for the next quarter. The average estimate for the third quarter has moved down from 70 cents a share to 69 cents over the last 60 days. Decreasing earnings estimates is generally a negative sign as it suggests analyst believe future earnings to be weaker than previously anticipated. For the fiscal year, the average estimate has moved up from $2.72 a share to $2.75 over the last ninety days.

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