During Wells Fargo's (WFC) earnings call Friday, an analyst flattered the company's top executives by asserting: "You're clearly an earnings machine." No one quibbled with the characterization.
Once again, the company's quarterly net income had set a record, $5.9 billion, thanks largely to expense cuts, strong credit quality, and loan growth in areas other than the mortgage business. Earnings per share, at $1.05, easily outpaced analysts' consensus expectations of 96 cents.
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