Seeking Alpha

Goldman +1.7% after scorching estimates

  • EPS of $4.10 vs. $3.70 a year ago, $4.02 in Q1. Annualized ROE of 10.9%.
  • Investment banking revenue of $1.78B up 15% Y/Y, with underwriting revenue of $1.28B up 20% thanks to a big boost in equity underwriting.
  • Institutional Client Services revenue of $3.83B falls 11% from a year ago and 14% from Q1 due to "significantly lower" action in currencies and, to a lesser extent, commodities. "Fixed Income, Currency and Commodities Client Execution continued to operate in a challenging environment as market volatility and levels of activity generally remained low."
  • Investing & Lending revenue of $2.07B up 46% Y/Y, led by big gains in private equity investments.
  • Investment Management revenue of $1.44B up 8% Y/Y.
  • Operating expenses of $6.3B up 6%, with compensation and benefit expense of $3.92B up 6%. Compensation and benefit ratio of 43% is flat from a year ago. Non-compensation expenses of $2.38B up 5%, helped by higher provisions for legal and regulatory action.
  • 7.8M shares repurchased during Q at average cost of $160.89 for total cost of $1.25B. 39.1M shares remain under current authorization.
  • Conference call at 10:30 ET
  • Previously: Goldman Sachs beats by $1.05, beats on revenue
  • GS +1.7% premarket
Comments (1)
  • ex GM emp
    , contributor
    Comments (89) | Send Message
     
    Betting against GS is a fool's game. FD, Long (for a long time) GS.
    15 Jul, 09:59 AM Reply Like
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