Wells Fargo & Co
Excluding the payment of preferred stock dividends, net income for the fourth-largest U.S. bank was $2.38 billion, or 56 cents per share, compared with a profit of $2 billion, or 60 cents, a year earlier. Wells Fargo's shares outstanding increased because of the Wachovia acquisition.
Revenue totaled $21.02 billion, above the $20 billion that Wells Fargo had forecast.
Analysts on average forecast profit of 55 cents per share on revenue of $19.91 billion, according to Reuters Estimates. The bank's largest shareholder is Warren Buffett's Berkshire Hathaway Inc
Wells Fargo returned to profit after losing money in the fourth quarter, its first loss in seven years.
Shares of the bank soared 32 percent on April 9 after it issued preliminary results showing a profit more than double what analysts were at the time expecting.
The bank had booked significant losses when at the end of 2008 it paid $12.5 billion for Wachovia, which had been felled by mortgage losses at the former Golden West Financial Corp.
Shares of Wells Fargo closed Tuesday at $18.81 on the New York Stock Exchange. Through Tuesday, the shares had fallen 36 percent this year, compared with a 23 percent decline in the KBW Bank Index <.BKX>.
(Reporting by Jonathan Stempel, editing by Dave Zimmrman)