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Earnings Update: Citigroup Misses Revenues

Bank Investor Returns Seen Rising to Most Since 2007 on Test

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Earnings Update: Citigroup (NYSE: C)

Citigroup reported Q1 earnings per share of $1.52, which was below the FactSet estimate for $1.39.

Revenues for the quarter were reported at $19.81 billion, which was also below the estimate of $19.82 billion.

CEO Michael Corbat: “We had a strong quarter overall, particularly in executing against our top strategic priorities. While some businesses faced revenue headwinds, we grew loans and deposits in our core businesses and gained wallet share among our target clients. We tightly managed our expenses, helping to achieve positive operating leverage in Citicorp and we are on track to hit our financial targets for the year.

Shares of C last traded at $54.10, which is above from the last closing price of $53.21.

 


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About the Author

David Moenning is the Chief Investment Officer at Sowell Management Services. Dave began his investment career in 1980 and has been an independent money manager since 1987. Thus, Dave has been live on the firing line and investing for a living for more than 29 years.