Citigroup (C) Misses Q4 Estimates As Revenues and Profits Slide
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Price: $129.67 -2.42%
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Premises and equipment: 624M
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Financial Fact:
Premises and equipment: 624M
Today's EPS Names:
EDXC, BICX, FBPI, More
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Shares of Citigroup (NYSE: C) are trading down 3.3 percent early Tuesday following disappointing fourth quarter results which missed Wall Street expectations.
Revenues for the forth quarter fell 7 percent to $17.2 billion and missed the Street consensus of $18.54 billion. Citicorp revenues was $14 billion, down 2% from the prior year period.
Net income in the quarter was $1.2 billion, versus $1.4 billion last year. Citicorp net income decreased 15% from the prior year period to $2.1 billion. Earnings per share were reported at $0.38 per share, which was down from $0.43 last year and below the Street which was at $0.49.
Net credit losses in the fourth quarter declined 40 percent to $4.1 billion.
Year-over-Year, book value per share was up 8 percent to $60.78, while tangible book value per share was up 12 percent to $49.81.
CEO Vikram Pandit said, "Overall, we made solid progress in 2011. We increased our net income to $11.3 billion, up 6% from the previous year, and reached key benchmarks in our consumer businesses, showing our strategy is achieving results. Clearly, the macro environment has impacted the capital markets and we will continue to right-size our businesses to match the environment. With Citi Holdings assets at 12% after the transfer of retail partner cards to Citicorp, we are increasingly focused on driving earnings through our core franchise and beginning to return capital to our shareholders this year."
Revenues for the forth quarter fell 7 percent to $17.2 billion and missed the Street consensus of $18.54 billion. Citicorp revenues was $14 billion, down 2% from the prior year period.
Net income in the quarter was $1.2 billion, versus $1.4 billion last year. Citicorp net income decreased 15% from the prior year period to $2.1 billion. Earnings per share were reported at $0.38 per share, which was down from $0.43 last year and below the Street which was at $0.49.
Net credit losses in the fourth quarter declined 40 percent to $4.1 billion.
Year-over-Year, book value per share was up 8 percent to $60.78, while tangible book value per share was up 12 percent to $49.81.
CEO Vikram Pandit said, "Overall, we made solid progress in 2011. We increased our net income to $11.3 billion, up 6% from the previous year, and reached key benchmarks in our consumer businesses, showing our strategy is achieving results. Clearly, the macro environment has impacted the capital markets and we will continue to right-size our businesses to match the environment. With Citi Holdings assets at 12% after the transfer of retail partner cards to Citicorp, we are increasingly focused on driving earnings through our core franchise and beginning to return capital to our shareholders this year."
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