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Bank of America shares fall 2% after Q4 earnings miss

Published 01/15/2015, 07:11 AM
Updated 01/15/2015, 07:11 AM
© Reuters. Bank of America shares fall 2% after Q4 earnings disappoint

Investing.com - Bank of America (NYSE:BAC), the second largest U.S. bank, reported weaker than expected fourth quarter earnings ahead of Thursday’s opening bell, sending its shares lower in pre-market trade.

Bank of America said it earned $0.25 cents per share in the three months ending December 31, below forecasts for earnings per share of $0.31 cents.

According to the report, fourth quarter results were affected by a $1.2 billion, or $0.07 cents per share, negative charge for legal expenses.

Net income totaled $3.1 billion for the fourth quarter of 2014, compared to $3.4 billion in the year-ago period,

The bank’s fourth quarter revenue totaled $19.0 billion, missing estimates for revenue of $20.94 billion and compared to $21.7 billion in the fourth quarter of 2013.

"In 2014, we continued to invest in our businesses while reducing expenses and resolving our most significant litigation matters," said Chief Executive Officer Brian Moynihan.

"There's more work and tremendous opportunity ahead as we improve on the platform we've built to serve our customers and clients, and we enter 2015 in good shape to manage both the opportunities and the challenges the markets and economy will offer," he added.

Immediately after the earnings announcement, Bank of America (NYSE:BAC) shares fell 2% in trading prior to the opening bell.

Meanwhile, U.S. stock futures pointed to a modestly lower open. The Dow futures pointed to a loss of 0.35% at the open, the S&P 500 indicated a decline of 0.5%, while the Nasdaq 100 signaled a fall 0.5% at the open.

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