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Citigroup (C) Tops Q2 Earnings Estimates on High Revenues
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Have you been eager to see how Citigroup Inc. (C - Free Report) performed in Q2 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 earnings per share of $1.28, easily beating the Zacks Consensus Estimate of $1.21. Results were primarily aided by higher revenues, partially offset by higher costs of credit.
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 decreased 2.4% over the last 7days.
However, Citigroup has a decent earnings surprise history. Before posting earnings beat in Q2, the company also delivered positive surprises in the prior four quarters. Overall, the company surpassed the Zacks Consensus Estimate by an average of 8.48% in the trailing four quarters.
Citigroup’s revenues of $17.90 billion outpaced the Zacks Consensus Estimate of $17.32 billion. Moreover, revenues increased 2% year over year.
Key Takeaways
Net Income stood at $3.9 billion, down 3% from the prior year quarter.
Costs of credit surged 22% year over year to $1.7 billion.
Returned around $2.2 billion to shareholders as common stock repurchases and dividends.
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. While things apparently look favorable, it all depends on what sense the just-released report makes to the analysts.
Following the earnings release, Citigroup shares were up marginally in the pre-trading session. This is in line 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!
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Citigroup (C) Tops Q2 Earnings Estimates on High Revenues
Have you been eager to see how Citigroup Inc. (C - Free Report) performed in Q2 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 earnings per share of $1.28, easily beating the Zacks Consensus Estimate of $1.21. Results were primarily aided by higher revenues, partially offset by higher costs of credit.
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 decreased 2.4% over the last 7days.
However, Citigroup has a decent earnings surprise history. Before posting earnings beat in Q2, the company also delivered positive surprises in the prior four quarters. Overall, the company surpassed the Zacks Consensus Estimate by an average of 8.48% in the trailing four quarters.
Citigroup Inc. Price and EPS Surprise
Citigroup Inc. Price and EPS Surprise | Citigroup Inc. Quote
Revenue Came in Higher Than Expected
Citigroup’s revenues of $17.90 billion outpaced the Zacks Consensus Estimate of $17.32 billion. Moreover, revenues increased 2% year over year.
Key Takeaways
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. While things apparently look favorable, it all depends on what sense the just-released report makes to the analysts.
(You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.)
How the Market Reacted So Far
Following the earnings release, Citigroup shares were up marginally in the pre-trading session. This is in line 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!
More Stock News: This Is Bigger than the iPhone!
It could become the mother of all technological revolutions. Apple sold a mere 1 billion iPhones in 10 years but a new breakthrough is expected to generate more than 27 billion devices in just 3 years, creating a $1.7 trillion market.
Zacks has just released a Special Report that spotlights this fast-emerging phenomenon and 6 tickers for taking advantage of it. If you don't buy now, you may kick yourself in 2020. Click here for the 6 trades >>