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Q1 Earnings Continue

Zacks

More Wall Street banks reported earnings this morning, following Friday morning’s kick-off with JPMorgan JPM and Wells Fargo WFC: Citigroup C and Goldman Sachs GS, both Zacks Rank #4 (Sell)-rated companies ahead of their earnings releases, put up mixed numbers.

Citigroup topped earnings estimates — $1.87 per share versus the $1.78 in the Zacks consensus. Yet revenues of $18.576 billion were down 1% from expectations. Expenses in Q1 came down 3% year over year, while Fixed Income was up in the quarter. Credit costs also rose 7%, however.

Shares of Citigroup had been performing very well — up nearly 30% year to date. Shares are up marginally in today’s pre-market. For more on C’s earnings, click here.

Goldman Sachs also outperformed expectations on its bottom line: $5.71 per share as compared with $4.74, while revenues of $8.81 billion missed the Zacks consensus by 1.77%. Goldman shares are also up nicely year to date, more than 24%, but shares are trading down 2% in today’s early session. For more on GS’ earnings, click here.


After today’s close, we will see more finance companies announce earnings results, including Wintrust WTFC and Pinnacle PNFP. Both companies currently carry a Zacks Rank #3 (Hold).

A new Empire State Index for April has also hit the tape this morning, reporting up 10.1 following a March read of 3.7 that was the lowest in nearly two years. This index, which measures general business conditions in New York State, had been sub-10 for the prior three months until just squeaking over it for April.


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