Beacon Financial Posts Q3 Profit of $61.2M but Misses Analyst Estimates

Beacon Financial Corporation (BBT) reported third-quarter net income of $61.2 million on Wednesday, reversing a loss in the same period a year earlier. The Boston-based bank holding company earned 73 cents per share, or 77 cents adjusted for non-recurring costs. The results fell short of Wall Street expectations, with the average estimate of four analysts surveyed by Zacks Investment Research at 78 cents per share. Revenue totaled $324.9 million for the period, while revenue net of interest expense came in at $223.2 million — also below Street forecasts of $224.1 million, based on a three-analyst survey. Beacon shares have gained 6% since the start of the year, trailing the S&P 500's 13% rise. In the final minutes of trading Wednesday, shares reached $28, up 16% over the past 12 months.