We use cookies to understand how you use our site and to improve your experience. This includes personalizing content and advertising. To learn more, click here. By continuing to use our site, you accept our use of cookies, revised Privacy Policy and Terms of Service.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
Citigroup (C) Q2 Earnings Beat Estimates, Revenues Up
Read MoreHide Full Article
Have you been eager to see how Citigroup (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 adjusted earnings per share of $1.83, surpassing the Zacks Consensus Estimate of $1.78. Further, the figure escalated 12% year over year. Improvement in earnings was primarily driven by expense management and higher 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 was revised 1.7% downward over the last seven days.
Yet, Citigroup has an impressive earnings surprise history. Before posting earnings beat in Q2, the company delivered positive surprises in the prior four quarters. Overall, the company surpassed the Zacks Consensus Estimate by an average of 4.74% in the trailing four quarters.
Citigroup’s revenues of $18.8 billion surpassed the Zacks Consensus Estimate of $18.3 billion. Moreover, revenues increased 2% year over year.
Key Takeaways
Consumer banking revenues surged 3% year over year.
Equity markets revenue declined 9% year over year
Investment banking revenues was down 10% from the prior-year quarter.
Cost of credit surged 16% year over year to $2.1 billion.
Returned $4.6 billion to shareholders as common stock repurchases and dividends during the quarter.
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. While things apparently look favorable, it all depends on what sense the just-released report makes to the analysts.
Following the earnings release, Citigroup shares were up nearly 1% in the pre-trading session. This is in line to what the stock witnessed in the prior-day’s session. Clearly, the initial reaction shows that the investors have considered the results in their favor. However, the full-session’s price movement may indicate a different picture.
Check back later for our full write up on this Citigroup earnings report!
Wall Street’s Next Amazon
Zacks EVP Kevin Matras believes this familiar stock has only just begun its climb to become one of the greatest investments of all time. It’s a once-in-a-generation opportunity to invest in pure genius.
Image: Bigstock
Citigroup (C) Q2 Earnings Beat Estimates, Revenues Up
Have you been eager to see how Citigroup (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 adjusted earnings per share of $1.83, surpassing the Zacks Consensus Estimate of $1.78. Further, the figure escalated 12% year over year. Improvement in earnings was primarily driven by expense management and higher 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 was revised 1.7% downward over the last seven days.
Yet, Citigroup has an impressive earnings surprise history. Before posting earnings beat in Q2, the company delivered positive surprises in the prior four quarters. Overall, the company surpassed the Zacks Consensus Estimate by an average of 4.74% in the trailing four quarters.
Citigroup Inc. Price and EPS Surprise
Citigroup Inc. price-eps-surprise | Citigroup Inc. Quote
Revenue Came In Higher than Expected
Citigroup’s revenues of $18.8 billion surpassed the Zacks Consensus Estimate of $18.3 billion. Moreover, revenues increased 2% year over year.
Key Takeaways
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. While things apparently look favorable, it all depends on what sense the just-released report makes to the analysts.
(You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.)
How the Market Reacted So Far
Following the earnings release, Citigroup shares were up nearly 1% in the pre-trading session. This is in line to what the stock witnessed in the prior-day’s session. Clearly, the initial reaction shows that the investors have considered the results in their favor. However, the full-session’s price movement may indicate a different picture.
Check back later for our full write up on this Citigroup earnings report!
Wall Street’s Next Amazon
Zacks EVP Kevin Matras believes this familiar stock has only just begun its climb to become one of the greatest investments of all time. It’s a once-in-a-generation opportunity to invest in pure genius.
Click for details >>