By Moran Zhang - The country’s biggest banks, which report their earnings Friday and next week, are struggling to grow revenue amid a continued slump in bond trading revenue and a tighter regulatory environment. Wells Fargo & Co NYSE:WFC and JPMorgan Chase & Co. NYSE:JPM kick off bank earnings on Friday. Citigroup Inc NYSE:C, Bank of America Corp NYSE:BAC, Goldman Sachs Group Inc NYSE:GS and Morgan Stanley NYSE:MS will report their earnings next week.
Profit for the nation’s five biggest banks probably fell 14 percent to $16.5 billion from a year earlier, according to a Bloomberg survey. Only sixth-ranked Morgan Stanley, which relies less on fixed-income trading and the mortgage business, is seen bucking the trend.
Overall, earnings per share growth for the first quarter of 2014 is now expected to be 0.4 percent, less than one-tenth of the increase forecast at the beginning of the year, data from the S&P Capital IQ showed.
“Since the bar is set so low, investors hoping to get a clearer view of the earnings environment may be better off learning to do the limbo than the high jump,” said Sam Stovall, S&P Capital IQ's chief equity strategist. “For the remainder of the year, however, analysts project a solid recovery in EPS growth.”
Wall Street analysts project four sectors to post earnings growth in the first quarter, led by consumer discretionary, telecom services, and utilities, while energy and financials are forecasted to record the deepest year-over-year declines.
For all of 2014, however, S&P 500 operating earnings are expected to rise 7.5 percent, higher than the 5.9 percent growth recorded for all of 2013, but less than the 11.5 percent currently seen for 2015, according to S&P Capital IQ.
Of the 21 S&P 500 companies that have already reported results for the first quarter, with 11 topped analysts’ estimates and eight missed.
We ran a screen and produced a list of 41 notable companies set to report their earnings between April 14 and April 18. We have highlighted their expected reporting dates and times, along with analysts’ earnings per share (fully reported) and revenue estimates from Reuters, as well as the stocks' trailing 12-month performances.
Monday Before Markets Open, or BMO:
Citigroup Inc. NYSE:C is a global diversified financial-services holding company with a market cap of $142.20 billion. Citigroup is expected to report FY 2014 first-quarter EPS of $1.14 on revenue of $19.37 billion, compared with a profit of $1.23 a share on revenue of $20.49 billion in the year-ago period. Citigroup Inc. is trading at around $46.81 a share. Over the past 12 months, the stock has gained 4.0 percent.
Tuesday BMO:
Johnson & Johnson NYSE:JNJ is engaged in the research and development, manufacture and sale of a range of products in the health-care field. The company has a market cap of $278.59 billion. It is expected to report FY 2014 first-quarter EPS of $1.45 on revenue of $18.00 billion, compared with a profit of $1.22 a share on revenue of $17.51 billion in the year-ago period. J&J is trading at around $98.50 a share. Over the past 12 months, the stock has gained 20.1 percent.
Northern Trust Corp. NASDAQ:NTRS is an international financial services company with a market cap of $14.81 billion. It is expected to report FY 2014 first-quarter EPS of 78 cents on revenue of $1.07 billion, compared with a profit of 67 cents a share on revenue of $976.40 million in the year-ago period. Northern Trust Corp. is trading at around $62.42 a share. Over the past 12 months, the stock has gained 12.3 percent.
The Coca-Cola Co. NYSE:KO is a beverage company. The company has a market cap of $173.37 billion. It is expected to report FY 2014 first-quarter EPS of 45 cents on revenue of $10.59 billion, compared with a profit of 39 cents a share on revenue of $11.04 billion in the year-ago period. Coca-Cola is trading at around $39.35 a share. Over the past 12 months, the stock has lost 4.2 percent.
Tuesday After Markets Close, or AMC:
CSX Corp. NYSE:CSX is a transportation supplier. The company has a market cap of $28.59 billion. It is expected to report FY 2014 first-quarter EPS of 38 cents on revenue of $2.98 billion, compared with a profit of 45 cents a share on revenue of $2.96 billion in the year-ago period. CSX is trading at around $28.44 a share. Over the past 12 months, the stock has gained 17.3 percent.
Intel Corp. NASDAQ:INTC designs and manufactures integrated digital technology platforms. The company has a market cap of $133.22 billion. It is expected to report FY 2014 first-quarter EPS of 37 cents on revenue of $12.81 billion, compared with a profit of 40 cents a share on revenue of $12.58 billion in the year-ago period. Intel Corp. is trading at around $26.79 a share. Over the past 12 months, the stock has gained 20.3 percent.
Linear Technology Corp. NASDAQ:LLTC is designing, manufacturing and marketing a range of analog integrated circuits for companies globally. The company has a market cap of $11.42 billion. It is expected to report FY 2014 third-quarter EPS of 46 cents on revenue of $350.04 million, compared with a profit of 46 cents a share on revenue of $314.54 million in the year-ago period. Linear Technology Corporation is trading at around $48.59 a share. Over the past 12 months, the stock has gained 32.4 percent.
Yahoo! Inc. NASDAQ:YHOO is a global technology company. The company has a market cap of $34.12 billion. It is expected to report FY 2014 first-quarter EPS of 30 cents on revenue of $1.08 billion, compared with a profit of 35 cents a share on revenue of $1.07 billion in the year-ago period. Yahoo! Inc. is trading at around $33.68 a share. Over the past 12 months, the stock has gained 39.7 percent.
Wednesday BMO:
Bank of America Corp. NYSE:BAC is a financial institution. The company has a market cap of $172.37 billion. It is expected to report FY 2014 first-quarter EPS of 5 cents on revenue of $22.33 billion, compared with a profit of 10 cents a share on revenue of $23.50 billion in the year-ago period. Bank of America is trading at around $16.30 a share. Over the past 12 months, the stock has gained 32.4 percent.
Abbott Laboratories NYSE:ABT is engaged in the discovery, development, manufacture and sale of a range of health-care products. The company has a market cap of $57.85 billion. It is expected to report FY 2014 first-quarter EPS of 28 cents on revenue of $5.29 billion, compared with a profit of 34 cents a share on revenue of $5.38 billion in the year-ago period. Abbott is trading at around $37.50 a share. Over the past 12 months, the stock has gained 1.1 percent.
Huntington Bancshares Incorporated NASDAQ:HBAN is a multi-state diversified regional bank holding company. The company has a market cap of $8.05 billion. It is expected to report FY 2014 first-quarter EPS of 17 cents on revenue of $675.78 million, compared with a profit of 17 cents a share on revenue of $682.30 million in the year-ago period. Huntington Bancshares Inc. is trading at around $9.67 a share. Over the past 12 months, the stock has gained 29.5 percent.
PNC Financial Services Group Inc. NYSE:PNC is a financial service company with a market cap of $44.67 billion. It is expected to report FY 2014 first-quarter EPS of $1.67 on revenue of $3.85 billion, compared with a profit of $1.76 a share on revenue of $3.96 billion in the year-ago period. PNC Financial Services Group Inc. is trading at around $83.65 a share. Over the past 12 months, the stock has gained 24.4 percent.
St. Jude Medical Inc. NYSE:STJ develops, manufactures and distributes cardiovascular medical devices for the global cardiac rhythm management, cardiology and cardiac surgery and atrial fibrillation therapy areas, as well as neurostimulation medical devices for the management of chronic pain. The company has a market cap of $17.89 billion. It is expected to report FY 2014 first-quarter EPS of 94 cents on revenue of $1.36 billion, compared with a profit of 78 cents a share on revenue of $1.34 billion in the year-ago period. St. Jude Medical is trading at around $63.03 a share. Over the past 12 months, the stock has gained 50.2 percent.
U.S. Bancorp NYSE:USB is a multistate financial-services holding company. The company has a market cap of $75.62 billion. It is expected to report FY 2014 first-quarter EPS of 73 cents on revenue of $4.81 billion, compared with a profit of 73 cents a share on revenue of $4.87 billion in the year-ago period. U.S. Bancorp is trading at around $41.48 a share. Over the past 12 months, the stock has gained 21.4 percent.
Wednesday AMC:
American Express Co. NYSE:AXP is a global service company. Its principal products and services are charge and credit-payment card products and travel-related services offered to consumers and businesses worldwide. The company has a market cap of $92.07 billion. It is expected to report FY 2014 first-quarter EPS of $1.30 on revenue of $8.36 billion, compared with a profit of $1.15 a share on revenue of $7.88 billion in the year-ago period. AmEx is trading at around $86.89 a share. Over the past 12 months, the stock has gained 32.9 percent.
Capital One Financial Corp. NYSE:COF is a diversified financial services holding company. The company has a market cap of $43.35 billion. It is expected to report FY 2014 first-quarter EPS of $1.69 on revenue of $5.44 billion, compared with a profit of $1.79 a share on revenue of $5.55 billion in the year-ago period. Capital One Financial Corp. is trading at around $75.66 a share. Over the past 12 months, the stock has gained 35.6 percent.
Google Inc. NASDAQ:GOOGL is a global technology company focused on improving the ways people connect with information. The company has a market cap of $369.44 billion. It is expected to report FY 2014 first-quarter EPS of $5.29 on revenue of $15.54 billion, compared with a profit of $4.97 a share on revenue of $13.97 billion in the year-ago period. Google is trading at around $548.59 a share. Over the past 12 months, the stock has gained 38.8 percent.
International Business Machines Corp. NYSE:IBM is an information-technology company. The company has a market cap of $206.60 billion. It is expected to report FY 2014 first-quarter EPS of $2.29 on revenue of $22.93 billion, compared with a profit of $2.70 a share on revenue of $23.41 billion in the year-ago period. IBM is trading at around $198.41 a share. Over the past 12 months, the stock has lost 6.4 percent.
SanDisk Corp. NASDAQ:SNDK designs, develops and manufactures data storage solutions in a range of form factors using its flash memory, controller and firmware technologies. The company has a market cap of $17.17 billion. It is expected to report FY 2014 first-quarter EPS of $1.09 on revenue of $1.49 billion, compared with a profit of 68 cents a share on revenue of $1.34 billion in the year-ago period. SanDisk is trading at around $76.18 a share. Over the past 12 months, the stock has gained 30.6 percent.
SLM Corp. NASDAQ:SLM originates, services, and collects loans it makes to students and/or their parents to finance the cost of education. The company has a market cap of $10.70 billion. It is expected to report FY 2014 first-quarter EPS of 56 cents on revenue of $656.60 million, compared with a profit of 74 cents a share on revenue of $675.00 million in the year-ago period. SLM Corp. is trading at around $24.96 a share. Over the past 12 months, the stock has gained 22.6 percent.
Steel Dynamics, Inc. NASDAQ:STLD is a steel producer and metals recycler in the U.S. The company has a market cap of $4.10 billion. It is expected to report FY 2014 first-quarter EPS of 23 cents on revenue of $1.86 billion, compared with a profit of 21 cents a share on revenue of $1.80 billion in the year-ago period. Steel Dynamics Inc. is trading at around $18.37 a share. Over the past 12 months, the stock has gained 20.3 percent.
Thursday BMO:
First Horizon National Corp. NYSE:FHN is a bank holding company. The company has a market cap of $2.77 billion. It is expected to report an FY 2014 first-quarter EPS of 15 cents on revenue of $288.85 million, compared with a profit of 17 cents a share on revenue of $317.81 million in the year-ago period. First Horizon is trading at around $11.70 a share. Over the past 12 months, the stock has gained 11.3 percent.
Baker Hughes Incorporated NYSE:BHI is engaged in the oil-field-services industry. The company has a market cap of $28.25 billion. It is expected to report FY 2014 first-quarter EPS of 79 cents on revenue of $5.73 billion, compared with a profit of 60 cents a share on revenue of $5.23 billion in the year-ago period. Baker Hughes is trading at around $64.61 a share. Over the past 12 months, the stock has gained 38.7 percent.
Baxter International Inc. NYSE:BAX is a global, diversified health-care company. The company has a market cap of $39.29 billion. It is expected to report FY 2014 first-quarter EPS of $1.04 on revenue of $3.88 billion, compared with a profit of $1.00 a share on revenue of $3.45 billion in the year-ago period. Baxter is trading at around $72.65 a share. Over the past 12 months, the stock has gained 1.7 percent.
BB&T Corp. NYSE:BBT is a financial holding company. The company has a market cap of $27.67 billion. It is expected to report FY 2014 first-quarter EPS of 70 cents on revenue of $2.31 billion, compared with a profit of 29 cents a share on revenue of $2.46 billion in the year-ago period. BB&T is trading at around $38.89 a share. Over the past 12 months, the stock has gained 24.2 percent.
The Blackstone Group LP NYSE:BX is a manager of private capital and provider of financial-advisory services. The company has a market cap of $17.62 billion. It is expected to report an FY 2014 first-quarter EPS of 50 cents on revenue of $1.32 billion. Blackstone is trading at around $30.42 a share. Over the past 12 months, the stock has gained 45.8 percent.
Danaher Corp. NYSE:DHR designs, manufactures and markets professional, medical, industrial and commercial products and services. The company has a market cap of $52.07 billion. It is expected to report FY 2014 first-quarter EPS of 80 cents on revenue of $4.67 billion, compared with a profit of 98 cents a share on revenue of $4.45 billion in the year-ago period. Danaher is trading at around $74.49 a share. Over the past 12 months, the stock has gained 20.6 percent.
E I Du Pont De Nemours And Co NYSE:DD, commonly referred to as DuPont, is an American chemical company. The company has a market cap of $61.87 billion. It is expected to report FY 2014 first-quarter EPS of $1.57 on revenue of $10.45 billion, compared with a profit of $3.58 a share on revenue of $10.41 billion in the year-ago period. DuPont is trading at around $66.65 a share. Over the past 12 months, the stock has gained 34.1 percent.
Fifth Third Bancorp NASDAQ:FITB is a diversified financial-services company. The company has a market cap of $18.58 billion. It is expected to report FY 2014 first-quarter EPS of 41 cents on revenue of $1.51 billion, compared with a profit of 46 cents a share on revenue of $1.64 billion in the year-ago period. Fifth Third Bancorp is trading at around $21.86 a share. Over the past 12 months, the stock has gained 31.0 percent.
General Electric Co. NYSE:GE is a diversified technology and financial-services company. The company has a market cap of $259.86 billion. It is expected to report FY 2014 first-quarter EPS of 29 cents on revenue of $34.45 billion, compared with a profit of 34 cents a share on revenue of $35.01 billion in the year-ago period. GE is trading at around $25.82 a share. Over the past 12 months, the stock has gained 9.5 percent.
Goldman Sachs Group Inc. NYSE:GS is a global investment-banking, securities and investment-management firm. The company has a market cap of $70.32 billion. It is expected to report FY 2014 first-quarter EPS of $3.64 on revenue of $8.70 billion, compared with a profit of $4.29 a share on revenue of $10.09 billion in the year-ago period. Goldman Sachs is trading at around $156.45 a share. Over the past 12 months, the stock has gained 4.7 percent.
Honeywell International Inc. NYSE:HON is a diversified technology and manufacturing company. The company has a market cap of $72.13 billion. It is expected to report FY 2014 first-quarter EPS of $1.26 on revenue of $9.74 billion, compared with a profit of $1.21 a share on revenue of $9.33 billion in the year-ago period. Honeywell International is trading at around $91.96 a share. Over the past 12 months, the stock has gained 23.7 percent.
KeyCorp NYSE:KEY is a bank holding company for the KeyBank National Association. The company has a market cap of $11.95 billion. It is expected to report FY 2014 first-quarter EPS of 24 cents on revenue of $1.01 billion, compared with a profit of 21 cents a share on revenue of $1.01 billion in the year-ago period. KeyCorp is trading at around $13.59 a share. Over the past 12 months, the stock has gained 35.4 percent.
Mattel, Inc. NASDAQ:MAT designs, manufactures and markets a variety of toy products worldwide which are sold to its customers and directly to consumers. The company has a market cap of $12.92 billion. It is expected to report FY 2014 first-quarter EPS of 9 cents on revenue of $955.16 million, compared with a profit of 11 cents a share on revenue of $995.60 million in the year-ago period. Mattel Inc. is trading at around $38.03 a share. Over the past 12 months, the stock has lost 13.7 percent.
Morgan Stanley NYSE:MS is a global financial-services company. The company has a market cap of $58.27 billion. It is expected to report FY 2014 first-quarter EPS of 60 cents on revenue of $8.52 billion, compared with a profit of 49 cents a share on revenue of $8.48 billion in the year-ago period. Morgan Stanley is trading at around $29.54 a share. Over the past 12 months, the stock has gained 32.9 percent.
PepsiCo Inc. (NYSE: PEP) is a global food and beverage company. The company has a market cap of $129.28 billion. It is expected to report an FY 2014 first-quarter EPS of 75 cents on revenue of $12.44 billion, compared with a profit of 69 cents a share on revenue of $12.58 billion in the year-ago period. PepsiCo is trading around $84.15 a share. Over the past 12 months, the stock has gained 0.3 percent.
Philip Morris International Inc. NYSE:PM is a holding company. Its subsidiaries and affiliates and their licensees are engaged in the manufacture and sale of cigarettes and other tobacco products in markets outside the U.S. The company has a market cap of $133.24 billion. It is expected to report FY 2014 first-quarter EPS of $1.18 on revenue of $7.06 billion, compared with a profit of $1.28 a share on revenue of $7.58 billion in the year-ago period. Philip Morris is trading at around $84.31 a share. Over the past 12 months, the stock has lost 11.5 percent.
Schlumberger Ltd. NYSE:SLB provides a range of products and services from exploration through production. The company has a market cap of $127.93 billion. It is expected to report an FY 2014 first-quarter EPS of $1.22 on revenue of $11.49 billion, compared with a profit of 94 cents a share on revenue of $10.67 billion in the year-ago period. Schlumberger is trading at around $97.94 a share. Over the past 12 months, the stock has gained 27.2 percent.
Union Pacific Corp. NYSE:UNP owns transportation companies. The company has a market cap of $83.88 billion. It is expected to report FY 2014 first-quarter EPS of $2.37 on revenue of $5.69 billion, compared with a profit of $2.03 a share on revenue of $5.29 billion in the year-ago period. Union Pacific Corp. is trading at around $185.07 a share. Over the past 12 months, the stock has gained 31.0 percent.
UnitedHealth Group Inc. NYSE:UNH is a diversified health and well-being company. The company has a market cap of $79.76 billion. It is expected to report FY 2014 first-quarter EPS of $1.10 on revenue of $32.31 billion, compared with a profit of $1.16 a share on revenue of $30.34 billion in the year-ago period. UnitedHealth is trading at around $80.61 a share. Over the past 12 months, the stock has gained 29.2 percent.
Advanced Micro Devices Inc. NYSE:AMD is a global semiconductor company. The company has a market cap of $2.82 billion. It is expected to report a break-even quarter for the first three months of fiscal year 2014 on revenue of $1.34 billion, compared with a loss of 19 cents a share on revenue of $1.09 billion in the year-ago period. Advanced Micro Devices is trading at around $3.88 a share. Over the past 12 months, the stock has gained 48.7 percent.