Goldman Sachs, Citigroup and Philip Morris released their latest earnings reports before opening bell this morning. Goldman Sachs posted earnings of $2.90 per share on revenue of $6.86 billion. Analysts had been expecting earnings of $2.87 per share and revenue of $7.11 billion. In last year’s third quarter, the firm posted revenue of $8.39 billion and earnings of $4.57 per share.
Citigroup posted adjusted earnings of $1.31 per share on revenue of $18.69 billion. Analysts had been expecting earnings of $1.28 per share, compared to the analyst estimate of $1.28 per share, and revenue of $18.5 billion, which was in line with estimates.
Philip Morris posted adjusted earnings of $1.24 per share, beating the consensus estimate of $1.12 per share. Revenue fell 12% to $6.9 billion but beat the consensus estimate of $6.78 billion.
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Goldman Sachs sees some segments’ revenues rise
Goldman Sachs saw a book value per common share of $171.45 and tangible book value per share of $162.11 per share. Both numbers were a 5% year over year increase. The Common Equity Tier 1 ratio under the standardized and advanced approaches were 12.4% and 12.7% respectively. Goldman Sachs had $193 billion in global core liquid assets and total assets of $881 billion.
Net Investment Banking revenues rose 6% to $1.56 billion, while net Institutional Client Services revenues fell 15% to $3.21 billion. Investment and Lending revenues fell 60% to $7670 million, while Investment Management revenues fell 3% to $1.42 billion. Equities revenue increased 9% to $1.75 billion. FICC revenue fell 33% to $1.46 billion.
Shares of Goldman Sachs fell as much as 1.24% to $177.13 per share in premarket trades this morning.
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Citigroup’s net profits were $1.35 per share, compared to last year’s net income of 88 cents per share. The bank’s common equity tier 1 capital ratio was 11.6%, while its book value per share was $69.93 and its tangible book value per share was $60.07.
Citigroup saw deposits fall 4% to $904 billion, although they were flat in constant dollars. Loans declined 5% but were down 1% in constant currency to $622 billion. The bank’s Global Consumer Banking segment saw revenues fall 8% to $8.5 billion, while the Institutional Clients Group returned a 3% increase in revenues to $8.6 billion. Citi Holdings’ revenue declined 32% to $1.4 billion
As of this writing, shares of Citigroup were up 3.43% at $52.46 per share.
Philip Morris sees falling volumes
Philip Morris posted GAAP earnings of $1.25 per share compared to $1.38 per share last year. Currency had a negative impact of 37 cents per share during the quarter. Cigarette shipment volume fell 1.5% year over year, excluding acquisitions, to 218.9 billion units.
Philip Morris expects adjusted earnings to increase by between 11% and 12% for the full year from last year’s adjusted earnings of $5.02 per share. That’s an increase from management’s previous guidance. They expect GAAP earnings to be between $4.35 and $4.40 per share for the full year.
Shares of Philip Morris were at $84.48 per share in premarket trading this morning.