July 14, 2010

Financial Firms Geared Up for Q2'10 Earnings Season

Charles Schwab, JP Morgan, Bank of America and Citigroup report earnings this week.

The second-quarter earnings season kicks off for many financial companies starting Thursday, July 15. Most firms in the sector will report their latest results in July, though a few will share the second-quarter figures in early August.

First out of the gate is JPMorgan Chase (JPM) on July 15.

JPMorgan's earnings are anticipated to be $0.70 in the second quarter of 2010 (vs. $0.28 a year ago) on $25.6 billion in revenue.

On Friday, July 16, Bank of America-Merrill Lynch (BAC), Charles Schwab (SCHW) and Citigroup (C) should be reporting earnings early in the day.

Analysts expect BofA to report $0.22 per share vs. $0.33 in the same year-ago period. Revenue should be $29.75 billion compared with $32.77 billion in sales in the second quarter of 2009.

Charles Schwab's earnings per share are expected to be $0.15 (vs. $0.18 a year ago) on $1.05 billion in revenue. In the first quarter, Schwab had earnings of $0.10 and $23 billion in net new assets.

Citigroup is anticipated to report earnings of $0.05 vs. $0.49 in the same period last year; sales could be $22.16 billion, analysts say.

The next big reporting day for financial-services companies is Tuesday, July 20, when four companies in the sector reveal their latest results.

Bank of New York Mellon (BK) is expected to have per-share earnings of $0.54 vs. $0.51 last year.

TD Ameritrade's (AMTD) estimated earnings are $0.28 on sales of $680.13 million vs. $0.30 last year.

And Morgan Stanley - now the biggest broker-dealer in terms of advisors with 18,100 - should report earnings of $0.46 vs. -$1.10 last year. Sales are anticipated to come in at $8.05 billion vs. $5.41 last year.

Goldman Sachs (GS) should report earnings per share of $2.20 on $4.93 billion in sales compared with $4.93 in earnings per share on $13.76 billion in revenue last year in the second quarter.

On Wednesday, July 21, four companies report their second-quarter results.

Asset-manager Blackrock (BLK) is estimated to report $2.31 in earnings per share vs. $1.75 a year ago. Piper Jaffray's (PJC) earnings estimate is $0.51 on $132 million in sales vs. $0.59 last year for the same period.

Raymond James Financial (RJF) - with 4.500 advisors - could report $0.48 per share on sales of $734.5 million. Last year's same-quarter earnings were $0.36, while sales were $624.8 million.

And Wells Fargo (WFC), with 15,000 registered representatives, is expected to earn $0.48 on $21.38 billion vs. $0.57 last year, when sales were $22.51 billion.

Penson Worldwide (PNSN) is expected to share its second-quarter performance on Thursday, July 22. Analysts estimate is should earn $0.05, down from $0.24 in the same year-ago period.

The following week, UBS (UBS) reports its earning early in Europe on Tuesday, July 27. Analysts anticipate it should earn $0.22 per share on $6.78 billion in sales vs. a loss of $0.24 per share in the second quarter of 2009.

Fiserv (FISV) reports on July 27, as well. Its expected earnings are $0.97, up from $0.90 last year.

On Wednesday, July 28, Ameriprise Financial (AMP) - with 11,800 advisors -- is expected to report earnings of $0.81 late in the day, a big jump from $0.41 last year in the same quarter. And Symetra Financial (SYA), analysts anticipate, could have earnings of $0.34 per share on $458.4 million in sales.

Rounding out the month is Genworth Financial (GNW), expected to report earnings per share on Thursday, July 29, of $0.28 on sales of $2.59 billion vs. earnings of $0.02 in the same year-ago period.

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