On Jan.18, Fulton Financial (FULT) posted its fourth-quarter and 2021 results, with its quarterly earnings meeting consensus estimates. FULT shares slumped 2.66% before the bell this morning.
Fourth-Quarter Results
Fulton Financial said it made $61.9 million in profit for the quarter with earnings per share of $0.37, which was in line with market expectations. Revenue for the quarter ending on December 2021 came in at $232.7 million, which beat most estimates of around $225.6 million.
2021 Results
The financial services holding firm — mostly operating along the U.S. East Coast — reported $275.5 million in profit for all of 2021 (based on $949.8 million in revenue), which tallied out to $1.62 per diluted share.
CEO Comments
“Despite a difficult operating environment,” CEO E. Philip Wenger remarked, “the Fulton team did an outstanding job in helping our customers through some very challenging times … keeping credit costs down and maintaining expenses,” which translated into record earnings for 2021. “We are encouraged by many of the core business trends we saw during the year,” Wenger continued, “particularly in the second half of 2021, and believe we are well-positioned to continue to advance our strategic priorities and deliver shareholder value in 2022.”
