A New York Minute: Citi, Goldman Mixed In Q1; Empire State Up

Monday, April 15, 2019

More Wall Street banks reported earnings this morning, following Friday morning’s kick-off with JPMorgan (NYSE:JPM) and Wells Fargo (NYSE:C) : Citigroup (NYSE:C) and Goldman Sachs (NYSE:GS) , both Zacks Rank #4 (Sell)-rated companies ahead of their earnings releases, put up mixed numbers.

Citigroup topped earnings estimates — $1.87 per share versus the $1.78 in the Zacks consensus. Yet revenues of $18.576 billion were down 1% from expectations. Expenses in Q1 came down 3% year over year, while Fixed Income was up in the quarter. Credit costs also rose 7%, however.

Shares of Citigroup had been performing very well — up nearly 30% year to date. Shares are up marginally in today’s pre-market. For more on C’s earnings, click here.

Goldman Sachs also outperformed expectations on its bottom line: $5.71 per share as compared with $4.74, while revenues of $8.81 billion missed the Zacks consensus by 1.77%. Goldman shares are also up nicely year to date, more than 24%, but shares are trading down 2% in today’s early session. For more on GS’ earnings, click here.

After today’s close, we will see more finance companies announce earnings results, including WTFC">Wintrust (WTFC and Pinnacle (NASDAQ:PNFP) . Both companies currently carry a Zacks Rank #3 (Hold).

A new Empire State Index for April has also hit the tape this morning, reporting up 10.1 following a March read of 3.7 that was the lowest in nearly two years. This index, which measures general business conditions in New York State, had been sub-10 for the prior three months until just squeaking over it for April.

Mark Vickery
Senior Editor

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