Wells Fargo 1Q results fall in line with forecast - | WBTV Charlotte

Wells Fargo 1Q results fall in line with forecast

Click here to see the Wells Fargo 1st Quarter Earnings report.

By SARA LEPRO, AP Business Writer

SAN FRANCISCO (AP) - Wells Fargo is reporting a record first-quarter profit in line with its forecast.

The San Francisco-based bank, which bought Charlotte, N.C.-based Wachovia last fall at the height of the credit crisis, says it earned $2.38 billion, or 56 cents per share. This compares with a profit of $2 billion, or 60 cents per share, a year earlier.

Before paying preferred dividends, the company earned $3.05 billion.

Total revenue was $21 billion, slightly more than the bank had forecast.

Thomson Reuters says analysts were expecting earnings of 41 cents per share on revenue of $19.37 billion.

Wells Fargo had surprised investors earlier this month when it said it would report a record first-quarter profit of $3 billion, much more than analysts had been expecting.

(Copyright 2009 by The Associated Press. All Rights Reserved.)

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