Have you been eager to see how Citigroup Inc. C performed in Q3 in comparison with the market expectations? Let’s quickly scan through the key facts from this New York-based money center bank’s earnings release this morning:
An Earnings Beat
Citigroup came out with adjusted earnings per share of $1.31, beating the Zacks Consensus Estimate of $1.29.
Results were primarily aided by lower expenses, partially offset by reduced revenues.
How Was the Estimate Revision Trend?
You should note that the earnings estimate for Citigroup depicted pessimism prior to the earnings release. The Zacks Consensus Estimate declined 2.3% to $1.29 over the last 7days.
Revenue Came Lower Than Expected
Citigroup posted adjusted revenues of $18.50 billion, compared unfavorably with the year-ago number of $20.06 billion.
Including CVA/DVA, Citigroup revenues stood at $18.69, down 5% year over year. The Zacks Consensus Estimate was $18.76 billion.
Key Stats
Adjusted Net Income stood at $4.16 billion, up 36% year over year.
Legal and related expenses stood at $376 million, significantly down from $1.6 billion in the prior year quarter. Further, repositioning charges were $81 million, considerably declining from $382 million in the prior year quarter.
What Zacks Rank Says
The estimate revisions that we discussed earlier have driven a Zacks Rank #3 (Hold) for Citigroup. However, since the latest earnings performance is yet to be reflected in the estimate revisions, the rank is subject to change. Now it all depends on what sense the just-released report makes to the analysts.
How the Market Reacted So Far
Following the earnings release, Citigroup shares were up over 2% in the pre-trading session. This is in contrary to what the stock witnessed in the prior-day’s session. Clearly, the initial reaction shows that the investors have considered the results in their favor. However, the full-session’s price movement may indicate a different picture.
Check back later for our full write up on this Citigroup earnings report!
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report >>
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
Be the first to comment