The earnings call reflects a solid financial performance with strong net income, shareholder returns, and fee-based revenue growth. However, the decline in average loans, weak commercial loan demand, and challenges in the commercial real estate sector present areas of concern. Overall, the positive aspects slightly outweigh the negatives.

Company Guidance

During the Wells Fargo third-quarter 2024 earnings call, the executives provided detailed guidance and insights into the company's financial performance and strategic direction. Key metrics highlighted included a net income of $5.1 billion, diluted earnings per share of $1.42, return on equity (ROE) of 11.7%, and return on tangible common equity (ROTCE) of 13.9%, all marking improvements from the previous quarter. The company's fee-based revenue grew by 16% in the first nine months of the year. Average loans decreased, while credit card balances grew for the 13th consecutive quarter. The common stock dividend was increased by 14%, and $3.5 billion worth of common stock was repurchased in the quarter, contributing to a total of $15.6 billion repurchased over the first three quarters. The CET1 ratio stood at 11.3%, reflecting a strong capital position. The executives also outlined continued investments in technology and strategic partnerships, as well as efforts to manage expenses and improve operational efficiencies across the organization.

Strong Net Income and Earnings Per Share

Wells Fargo reported $5.1 billion of net income and diluted earnings per share of $1.42 for the third quarter, with ROE at 11.7% and ROTCE at 13.9%, both up from the previous quarter.

Significant Shareholder Returns

The company repurchased $3.5 billion in common stock this quarter and $15.6 billion year-to-date, up over 60% from last year, with a 14% increase in the common stock dividend.

Growth in Fee-Based Revenue

Fee-based revenue grew by 16% during the first 9 months, largely offsetting net interest income headwinds.

Improved Credit Performance

Credit performance improved from the second quarter with lower losses in commercial real estate and industrial loan portfolios.

Continued Headcount Reduction

Headcount was down 20% since Q3 2020 and has declined every quarter for four years, contributing to operating efficiencies.

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Wells Fargo & Company (WFC) Earnings, Revenues Date & History

The upcoming earnings date is based on a company’s previous reporting, and may be updated when the actual date is announced

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WFC Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Oct 12, 2018	2018 (Q3)	- / 1.13	0.84	34.52% (+0.29)	―	―
Jan 15, 2019	2018 (Q4)	- / 1.21	1.16	4.31% (+0.05)	―	―
Apr 12, 2019	2019 (Q1)	- / 1.20	1.12	7.14% (+0.08)	―	―
Jul 16, 2019	2019 (Q2)	- / 1.30	0.98	32.65% (+0.32)	―	―
Oct 15, 2019	2019 (Q3)	- / 0.92	1.13	-18.58% (-0.21)	―	―
Jan 14, 2020	2019 (Q4)	- / 0.60	1.21	-50.41% (-0.61)	―	―
Apr 14, 2020	2020 (Q1)	- / 0.01	1.2	-99.17% (-1.19)	―	―
Jul 14, 2020	2020 (Q2)	- / -0.66	1.3	-150.77% (-1.96)	―	―
Oct 14, 2020	2020 (Q3)	- / 0.42	0.92	-54.35% (-0.50)	―	―
Jan 15, 2021	2020 (Q4)	- / 0.64	0.6	6.67% (+0.04)	―	―

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed

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WFC Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Oct 11, 2024	$57.42	$60.64	+5.61%
Jul 12, 2024	$59.36	$55.79	-6.01%
Apr 12, 2024	$55.62	$55.40	-0.40%
Jan 12, 2024	$47.78	$46.18	-3.35%

Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.

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