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April 18, 2011 at 10:12 AM
Citigroup said Monday that its first-quarter net income was $3.0 billion, or $0.10 per share. Net income was down 32% from last year, but earnings per share were $0.01 ahead of analysts’ expectations.
Though net income declined $1.4 billion on a year-over-year basis, it did more than double sequentially, the company noted in its earnings release.
Total revenue was $19.7 billion, below analysts’ estimates of $20.6 billion and down 22% from last year’s first-quarter results of $25.4 billion. Sales were up 7% over the previous quarter, with 62% of revenues (and 72% of net income) coming from international operations in the first quarter 2011.
"After a full year of profitability, we continue to make progress in 2011 by executing our strategy with discipline. Citi Holdings losses continued to decrease; we are investing in our core businesses in Citicorp; our capital strength improved; and the mix of revenues reflects the diversity of our businesses and our depth in both the emerging and developed markets," said CEO Vikram Pandit, left, in a statement.
Securities and Banking
