- Earnings highlights
Net income: $268 million compared with $469 million a year ago. The bank took a $235 million charge in the third quarter of 2013 related to a federal tax adjustment
Diluted earnings: 37 cents compared with 66 cents a year ago.
Average earnings forecast: 71 cents by 19 analysts surveyed by Zacks Investment Research. Analysts typically exclude one-time gains and charges from their forecasts.
Noteworthy: The bank reported its full-time workforce dropped by a net 192 jobs during the quarter.
Share price: Fell 22 cents to close at $34.
Source: BB&T Corp.
Posted: Thursday, October 17, 2013 8:11 am
Updated: 8:35 pm, Thu Oct 17, 2013.
BB&T Corp., as expected, reported Thursday a sharp decline in profit to $268 million during the third quarter, the result of taking a $235 million charge for a federal tax adjustment.
The bank experienced the legal loss in the U.S. Court of Federal Claims during the quarter for its use of a financial transaction that the U.S. Labor Department called “an abusive tax shelter.”
Thursday, October 17, 2013 8:11 am.
Updated: 8:35 pm.