UPDATE 1-Whitney sees Q3 profit below analysts' estimates
-, Oct 07, 2008 (Reuters via COMTEX) -- By Staff Reporter
Company: Whitney Holding Corp. (WTNY)
Whitney Holding Corp forecast third-quarter earnings that was almost half of what analysts were expecting, hurt by continued pressures in the credit and real estate markets. The bank holding company said it expects quarterly profit of $6 million to $8 million, or 10 cents to 12 cents a share. Analysts were expecting earnings of 24 cents a share, excluding special items, according to Reuters Estimates.
Whitney expects total non-performing loans to be between $230 million and $240 million, as "criticized loans" should be between $580 million and $590 million.
It expects provision for credit losses of $38 million to $42 million and net interest margin to be between 4.50 percent and 4.55 percent.
The New Orleans, Louisiana-based company said the third-quarter results will also include expenses and casualty losses estimated between $1.5 million and $2.5 million related to hurricanes Gustav and Ike.
The company's stock was trading down 19 cents at $21.76 early Tuesday morning on Nasdaq.
(Reporting by Amiteshwar Singh in Bangalore; Editing by Amitha Rajan) Keywords: WHITNEYHOLDING/ Amiteshwar Singh vj
COPYRIGHT
Copyright Thomson Financial News Limited 2007. All rights reserved. The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News.
MMMM
Copyright (C) 2008 Xinhua Financial News. All rights reserved
News Provided by COMTEX
Company: Whitney Holding Corp. (WTNY)
Related terms: earnings, editing, louisiana, nasdaq, profit, real estate
