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Yes, it’s Friday the 13th, but don’t let that spook you. Four of Wall Street’s biggest banks are all out with Q4 earnings results ahead of today’s opening bell. They’re not the absolute first companies to report Q4 earnings, but they are among the most consequential — in terms of market cap, the big banks take up a decent percentage of the S&P 500 overall.
JPMorgan Chase (JPM - Free Report) topped estimates with a +15% earnings surprise: $3.57 per share outpaced the $3.11 in the Zacks consensus. It’s also better than the $3.33 the bank posted in the year-ago quarter. Revenues came in at $34.55 billion, a +1.75% beat over analysts’ expectations and easily surpassing the year-ago tally of $29.26 billion. Not bad for a Zacks Rank #3 (Hold)-rated company that carried a Zacks Style Score of F into the earnings report. For more on JPM’s earnings, click here.
Bank of America (BAC - Free Report) reported a robust, clean Q4 report: earnings of 85 cents per share easily bettered the 76 cents expected (and 3 cents better than the year-ago quarter) for a +12& earnings surprise. It’s the third quarter of the last four where BofA outperformed expectations. Revenues of $24.53 billion beat consensus estimates by +1.89% and was up from $22.06 billion reported a year ago. For more on BAC’s earnings, click here.
Citigroup (C - Free Report) came in two cents below consensus on its Q4 earnings release this morning to $1.16 per share. Revenues beat year-ago tallies by +6% to $18.01 billion, outperforming the $17.91 billion expected. Institutional banking was strong for the quarter, +3% year over year on healthy Fixed Income numbers. Banking fees fell off in the quarter, but shares are up moderately in the pre-market.
Wells Fargo (WFC - Free Report) also put up Q4 figures that were stronger than the Zacks consensus: earnings of 67 cents per share beat expectations by 4 cents (though were substantially below the $1.38 per share posted in Q4 2021), while revenues of $19.66 billion outperformed expectations by +1.16% in the quarter (down from the $20.86 billion reported in the year-ago quarter). For more on WFC’s earnings, click here.
Lest we forget, this morning we also see Q4 results from airline major Delta Air Lines (DAL - Free Report) . This company also beat estimates on both top and bottom lines, with earnings of $1.48 per share well above the $1.29 expected (and miles ahead of the still-Covid-impacted 22 cents per share in Q4 last year) on revenues of $13.44 billion, which topped the Zacks consensus by +3.11%. For more on DAL’s earnings, click here.
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Welcome to Q4 Earnings Season!
Friday, January 13th, 2023
Yes, it’s Friday the 13th, but don’t let that spook you. Four of Wall Street’s biggest banks are all out with Q4 earnings results ahead of today’s opening bell. They’re not the absolute first companies to report Q4 earnings, but they are among the most consequential — in terms of market cap, the big banks take up a decent percentage of the S&P 500 overall.
JPMorgan Chase (JPM - Free Report) topped estimates with a +15% earnings surprise: $3.57 per share outpaced the $3.11 in the Zacks consensus. It’s also better than the $3.33 the bank posted in the year-ago quarter. Revenues came in at $34.55 billion, a +1.75% beat over analysts’ expectations and easily surpassing the year-ago tally of $29.26 billion. Not bad for a Zacks Rank #3 (Hold)-rated company that carried a Zacks Style Score of F into the earnings report. For more on JPM’s earnings, click here.
Bank of America (BAC - Free Report) reported a robust, clean Q4 report: earnings of 85 cents per share easily bettered the 76 cents expected (and 3 cents better than the year-ago quarter) for a +12& earnings surprise. It’s the third quarter of the last four where BofA outperformed expectations. Revenues of $24.53 billion beat consensus estimates by +1.89% and was up from $22.06 billion reported a year ago. For more on BAC’s earnings, click here.
Citigroup (C - Free Report) came in two cents below consensus on its Q4 earnings release this morning to $1.16 per share. Revenues beat year-ago tallies by +6% to $18.01 billion, outperforming the $17.91 billion expected. Institutional banking was strong for the quarter, +3% year over year on healthy Fixed Income numbers. Banking fees fell off in the quarter, but shares are up moderately in the pre-market.
Wells Fargo (WFC - Free Report) also put up Q4 figures that were stronger than the Zacks consensus: earnings of 67 cents per share beat expectations by 4 cents (though were substantially below the $1.38 per share posted in Q4 2021), while revenues of $19.66 billion outperformed expectations by +1.16% in the quarter (down from the $20.86 billion reported in the year-ago quarter). For more on WFC’s earnings, click here.
Lest we forget, this morning we also see Q4 results from airline major Delta Air Lines (DAL - Free Report) . This company also beat estimates on both top and bottom lines, with earnings of $1.48 per share well above the $1.29 expected (and miles ahead of the still-Covid-impacted 22 cents per share in Q4 last year) on revenues of $13.44 billion, which topped the Zacks consensus by +3.11%. For more on DAL’s earnings, click here.
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