Citigroup (NYSE:C) earnings for first quarter of 2020 have C stock falling on Wednesday. This comes despite it reporting earnings per share (EPS) of $1.05 on revenue of $20.73 billion. These are both better than Wall Street’s estimates of $1.04 per share and revenue of $19.01 billion.
Here’s what else is worth noting from the most recent Citigroup earnings report.
- Per-share earnings are down 43.85% from $1.87 during the same period of the year prior.
- Revenue comes in 11.57% higher than the $18.58 reported in the first quarter of 2019.
- The Citigroup earnings report also includes a net income of $2.52 billion.
- That’s a 46.5% drop compared to the company’s net income of $4.71 billion from the same time last year.
Michael Corbat, chief executive officer of Citigroup, said this about the C stock earnings report:
“Our earnings for the first quarter were significantly impacted by the COVID-19 pandemic. We managed our expenses with discipline and had good revenue performance as the economic shocks caused by the pandemic weren’t felt until late in the quarter. However, the deteriorating economic outlook and the transition to the new Current Expected Credit Loss standard (CECL) caused us to build significant loan loss reserves.”
The Citigroup earnings report doesn’t include an outlook for 2020. Wall Street’s estimates are for EPS of $4.66 on revenue of $72.19 billion. However, the effects of the novel coronavirus could change this.
C stock was down 3.69% as of Wednesday afternoon.
As of this writing, William White did not hold a position in any of the aforementioned securities.