Canadian Imperial Bank (CM) Q3 Earnings and Revenues Surpass Estimates

Group 1: Earnings Performance - Canadian Imperial Bank reported quarterly earnings of $1.41 per share, exceeding the Zacks Consensus Estimate of $1.28 per share, and up from $1.14 per share a year ago, representing an earnings surprise of 10.16% [1] - The bank posted revenues of $4.82 billion for the quarter ended July 2024, surpassing the Zacks Consensus Estimate by 4.86%, compared to $4.38 billion in the same quarter last year [2] - The company has consistently surpassed consensus EPS estimates over the last four quarters [2] Group 2: Stock Performance and Outlook - Canadian Imperial Bank shares have increased by approximately 13.3% since the beginning of the year, while the S&P 500 has gained 17.2% [3] - The current consensus EPS estimate for the upcoming quarter is $1.25 on revenues of $4.62 billion, and for the current fiscal year, it is $5.02 on revenues of $18.29 billion [7] - The estimate revisions trend for Canadian Imperial Bank is currently unfavorable, resulting in a Zacks Rank 4 (Sell) for the stock, indicating expected underperformance in the near future [6] Group 3: Industry Context - The Zacks Industry Rank for Banks - Foreign is in the top 21% of over 250 Zacks industries, suggesting that the industry outlook can significantly impact stock performance [8] - Empirical research indicates a strong correlation between near-term stock movements and trends in earnings estimate revisions, which can be tracked by investors [5]