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Citigroup (C) Beats on Q2 Earnings Estimates, Revenues Down
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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 from continuing operations per share of $1.25, handily beating the Zacks Consensus Estimate of $1.09. Results were primarily aided by lower expenses, partially offset by reduced revenues.
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 has moved south 2.7% to $1.09 over the last 7days.
However, Citigroup has a decent earnings surprise history. Before posting an 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 4.4% in the trailing four quarters.
Revenue Came in Slightly Lower Than Expected
Citigroup’s adjusted revenues of $17.55 billion lagged the Zacks Consensus Estimate of $17.57 billion. Also, revenues declined 8% year over year.
Key Takeaway
Adjusted Net Income stood at $4.0 billion, down 14% from the prior year quarter.
Operating expenses declined 5% year over year to $10.4 billion.
Revenues from fixed income markets and equity markets increased 14% and 21% on a year over year basis, respectively.
Net interest margin fell 9 basis points from the prior year quarter to 2.86%.
What Zacks Rank Says
The estimate revisions that we discussed earlier have driven a Zacks Rank #4 (Sell) for Citigroup. However, since the latest earnings performance is yet to be reflected in the estimate revisions, the rank is subject to change. Now it all depends on what sense the just-released report makes to the analysts.
Check back later for our full write up on this Citigroup earnings report!
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Citigroup (C) Beats on Q2 Earnings Estimates, Revenues Down
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 from continuing operations per share of $1.25, handily beating the Zacks Consensus Estimate of $1.09. Results were primarily aided by lower expenses, partially offset by reduced revenues.
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 has moved south 2.7% to $1.09 over the last 7days.
However, Citigroup has a decent earnings surprise history. Before posting an earnings beat in Q2, the company also delivered positive surprises in the prior four quarters.
CITIGROUP INC Price and EPS Surprise
CITIGROUP INC Price and EPS Surprise | CITIGROUP INC Quote
Overall, the company surpassed the Zacks Consensus Estimate by an average of 4.4% in the trailing four quarters.
Revenue Came in Slightly Lower Than Expected
Citigroup’s adjusted revenues of $17.55 billion lagged the Zacks Consensus Estimate of $17.57 billion. Also, revenues declined 8% year over year.
Key Takeaway
Adjusted Net Income stood at $4.0 billion, down 14% from the prior year quarter.
Operating expenses declined 5% year over year to $10.4 billion.
Revenues from fixed income markets and equity markets increased 14% and 21% on a year over year basis, respectively.
Net interest margin fell 9 basis points from the prior year quarter to 2.86%.
What Zacks Rank Says
The estimate revisions that we discussed earlier have driven a Zacks Rank #4 (Sell) for Citigroup. However, since the latest earnings performance is yet to be reflected in the estimate revisions, the rank is subject to change. Now it all depends on what sense the just-released report makes to the analysts.
Check back later for our full write up on this Citigroup earnings report!
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report >>