U.S. Bancorp Earnings: Company Lowers 2024 Guidance for Both Net Interest Income and Expense

Along with first-quarter results, U.S. Bancorp lowered both its 2024 net interest income and expense guidance, but this doesn’t change our long-term outlook for the wide-moat company, so we are maintaining our $53 fair value estimate and assess that shares are undervalued. The company reported net income to common shareholders of $1.2 billion, or $0.78 per diluted share, on $6.7 billion of net revenue. Excluding notable items such as $155 million of integration costs and an additional $110 million FDIC special assessment charge, diluted earnings per share would have been $0.90.