A roundup of earnings highlights for the week of Oct. 18 compiled by the AdvisorOne staff:
Citigroup (C), now 12% owned by U.S. taxpayers, said Monday its third-quarter net income was $2.17 billion, or $0.07 a share, beating analysts' estimates by $0.01. Sales of $20.7 billion, however, missed estimates by $45 million.
Bank of America Corp. (BAC) reported Tuesday a net loss of $7.3 billion, or $0.77 per diluted share, in the third quarter of 2010. The loss came largely from a non-tax deductible goodwill impairment charge of $10.4 billion in the bank’s credit card unit due to federal regulations limiting debit fees. In contrast, the global wealth and investment management (GWIM) unit reported profits of $313 million vs. $234 million last year in last year’s Q3. GWIM's largest contributor, Merrill Lynch, reported assets of $1.52 trillion vs. $1.44 trillion a year ago.
State Street Corp. (STT) on Tuesday reported third-quarter 2010 earnings per common share of $1.08, an increase of 64% compared to $0.66 in the third quarter of 2009. Revenue in Q3 2010 was $2.31 billion, up 3% from $2.24 billion at this time last year. The company, whose Q3 2010 results beat analysts’ expectations for earnings per share of $0.83, made its profits primarily by reducing expenses and increasing service fee revenues.
Bank of New York Mellon Corp. (BK) on Tuesday reported third-quarter 2010 profits of $625 million, or $0.51 per common share, compared with a loss of $2.44 billion, or $2.04, in the third quarter of 2009. In BNY Mellon's Clearing Services unit, which includes its correspondent broker-dealer clearing operation and Pershing Advisor Services' RIA custody business, total third-quarter revenue increased to $383 million, paced by an 8% increase in clearing services revenue, which totaled $251 million.
The Goldman Sachs Group (GS) on Tuesday reported third-quarter 2010 revenues of $8.9 billion and profits of $1.9 billion, with earnings per share at $2.98 versus $5.25 for third-quarter 2009 and $0.78 for third-quarter 2010. Analysts’ expectations were for EPS of $2.42.