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Reported Q: Q3 2024 Rev YoY: -9.9% EPS YoY: -28.1% Move: -0.44%

Comerica Incorporated

0I1P.L

$92.02 -0.44%

Exchange LSE Sector Financial Services Industry Banks

Q3 2024

Published: Oct 28, 2024

Company Status Snapshot

Fast view of the latest quarter outcome for 0I1P.L

Reported

Report Date

Oct 28, 2024

Quarter Q3 2024

Revenue

1.26B

YoY: -9.9%

EPS

1.32

YoY: -28.1%

Market Move

-0.44%

Previous quarter: Q2 2024

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Earnings Highlights

Revenue of $1.26B down 9.9% year-over-year
EPS of $1.32 decreased by 28.1% from previous year
Gross margin of 63.3%
Net income of 184.00M
"Despite a challenging economic landscape, our commitment to innovation and customer service has not wavered, which remains crucial for attracting business deposits." - CEO, Comerica Incorporated

0I1P.L

Comerica Incorporated

Period Q3 2024

Currency USD

Report Type Quarterly Earnings

Generated Mar 28, 2026

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Executive Summary

In Q3 2024, Comerica Incorporated demonstrated resilience amidst economic headwinds, reporting a revenue of $1.26 billion, which reflects a slight decrease of 0.24% quarter-over-quarter (QoQ) and a more substantial decline of 9.94% year-over-year (YoY). The net income stood at $184 million, representing a 10.68% reduction from Q2 2024 and a significant 26.69% drop from Q3 2023. Despite these challenges, the bank's managing team remains optimistic, attributing some declines to market volatility and ongoing investment in technology and customer service enhancements. This report outlines the current financial metrics, management's insights, and strategic outlook as Comerica prepares for the subsequent quarters.

Key Performance Indicators

Revenue

Decreasing

1.26B

QoQ: -0.24% | YoY: -9.94%

Gross Profit

Decreasing

797.00M

63.30% margin

QoQ: -3.28% | YoY: -9.64%

Operating Income

Decreasing

235.00M

QoQ: -12.64% | YoY: -28.13%

Net Income

Decreasing

184.00M

QoQ: -10.68% | YoY: -26.69%

EPS

Decreasing

1.33

QoQ: -11.33% | YoY: -28.11%

Revenue Trend

Margin Analysis

Financial Highlights

### Financial Highlights
- Revenue: $1.26 billion (YoY: -9.94%, QoQ: -0.24%)
- Net Income: $184 million (YoY: -26.69%, QoQ: -10.68%)
- Earnings Per Share (EPS): $1.33 (YoY: -28.11%, QoQ: -11.33%)
- Operating Margin: 18.67% (down from 21.55% in Q2 2024)
- Return on Equity: 2.48%

Discussion: The declines in both revenue and net income can be attributed to various factors affecting the banking industry, including rising interest rates impacting lending activities and increased competition. The cost of revenue also reflects a significant $462 million, which has remained steady QoQ. Management emphasized the need to focus on cost control to navigate current pressures.

Income Statement

Metric	Value	YoY Change	QoQ Change
Revenue	1.26B	-9.94%	-0.24%
Gross Profit	797.00M	-9.64%	-3.28%
Operating Income	235.00M	-28.13%	-12.64%
Net Income	184.00M	-26.69%	-10.68%
EPS	1.33	-28.11%	-11.33%

Key Financial Ratios

Gross Profit Margin

Weak

1.00%

Gross profit margin is below industry norms, profitability concerns

Operating Profit Margin

Good

18.80%

Operating margin is healthy and competitive within industry standards

Net Profit Margin

Good

14.60%

Net profit margin is healthy and competitive within industry standards

Return on Assets

Weak

0.23%

Return on assets suggests inefficient capital allocation

Return on Equity

Weak

2.48%

Return on equity suggests inefficient capital allocation

Current Ratio

Concern

0.30

Current ratio below safe levels, potential liquidity risk

Debt to Equity

Elevated

0.92

Debt-to-equity shows significant leverage, monitor debt levels

P/E Ratio

Value

10.89x

P/E ratio suggests potential undervaluation or stable earnings

Price to Book

Fair Value

1.08x

Price-to-book ratio reasonable for profitable companies

Historical Earnings Comparison

Period	Revenue ($M)	EPS ($)	YoY Growth	Report
Q2 2025	1,205.00	1.41	-4.5%	View
Q1 2025	1,178.00	1.25	-6.1%	View
Q4 2024	1,217.00	1.22	-2.4%	View
Q3 2024	1,259.00	1.32	-9.9%	View
Q2 2024	1,262.00	1.49	-8.4%	View

Comerica Incorporated (0I1P.L) Q3 2024 Earnings Report

Company Status Snapshot

Earnings Highlights

Executive Summary

Key Performance Indicators

Revenue Trend

Margin Analysis

Historical Earnings Comparison

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