Citigroup (C) Reports Smaller-Than-Expected Q1 Loss, Higher Revenues

April 17, 2009 7:09 AM EDT

Citigroup (NYSE: C) reported a Q1 loss of $0.18 per share, better than the consensus of $0.34 loss. Revenues came in at $24.8 billion, versus the consensus of $21.95 billion. Results also include $7.3 billion in net credit losses and a $2.7 billion net loan loss reserve build.

The $0.18 loss per share reflected the reset in January 2009 of the conversion price of the $12.5 billion convertible preferred stock issued in a private offering in January 2008. This did not have an impact on net income but resulted in a reduction to income available to common shareholders of $1.3 billion or $0.24 per share. Without this reduction, earnings per share were positive.

CEO Vikram Pandit said, "Our results this quarter reflect the strength of Citi's franchise and we are pleased with our performance. With revenues of nearly $25 billion and net income of $1.6 billion, we had our best overall quarter since the second quarter of 2007."

Separately, the company provided an update on its preferred exchange offer, saying they will not launch the exchange until after the results of the government's stress test, which are anticipated to be available in the near term.

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