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Goldman Sachs Group Inc. (GS)

- NYSE
  • Fri, May. 1, 9:54 PM
    • With plans (but not detailed plans, yet) to go public, Spanish-language broadcaster Univision swung to a $139.7M net loss in Q1, from a year-ago profit of $6.2M.
    • The company hired Morgan Stanley (NYSE:MS), Goldman Sachs (NYSE:GS) and Deutsche Bank (NYSE:DB) to lead an IPO that it hopes will raise $1B, which would value the broadcaster around $20B.
    • Revenues were up 0.6% to $624.7M. Univision blamed its loss on termination fees that it owed to the private-equity owners of its parent, Univision Communications, as well as to Grupo Televisa (NYSE:TV).
    • Televisa used convertible debt to build a 38% stake in Univision and has the right to take that to 40%, so it is set to draw a payoff from Univision's eventual offering. It also drew a record $314M rebroadcasting royalty from Univision in 2014.
    | Comment!
  • Thu, Apr. 16, 10:13 AM
    • Is this just another Q1 bump and then things return to lower levels, asks Mike Mayo on the Goldman Sachs (NYSE:GS) earnings call, wanting to know how sustainable the strong trends seen last quarter are. Mayo notes the investment banking backlog is already lower than it was three months ag.
    • We talk to CEOs every day, says Goldman CFO Harvey Schwartz, and - at least in investment banking - the positive trend looks to remain in place. As for trading, he says, it's still too early in the quarter to know for sure.
    • Having bid up the shares strongly in advance of earnings, investors today are selling the news. The stock is lower by 1% in morning action.
    • Previously: Goldman up 1% early after earnings beat (April 16)
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  • Thu, Apr. 16, 7:49 AM
    • Q1 net earnings of $2.748B or $5.94 per share vs. $1.949B and $4.02 one year ago.
    • Investment Banking revenues of $1.91B up 7% from a year ago. FInancial advisory revenue of $961M up 41%. Underwriting revenue of $944M down 14%, reflecting significant slowing in debt underwriting from a year ago.
    • Institutional Client Services revenue of $5.46B up 23% Y/Y. FICC revenue of $3.13B up 10%, thanks to big gains in currencies and interest rate products, offset by lower action in credit, commodities, and mortgages.
    • Investing & Lending revenue of $1.67B up 9% Y/Y.
    • Investment Management revenue of $1.58B roughly unchanged from a year ago.
    • Expenses of $6.68B up 6% Y/Y. Compensation and benefits expense of $4.46B up 11%. Ratio of comp and benefits to revenue of 42% down 100 bps Y/Y. Total staff up 1% during Q1.
    • Quarterly dividend is lifted to $0.65 per share from $0.60. 6.8M shares repurchased during quarter. Another 18.6M shares remain under existing buyback program. Tangible book value per share of $159.11 up 3% for quarter.
    • Conference call at 9:30 ET
    • Previously: Goldman Sachs beats by $1.68, beats on revenue (April 16)
    • GS +1% premarket
    | 1 Comment
  • Thu, Apr. 16, 7:36 AM
    • Goldman Sachs (NYSE:GS): Q1 EPS of $5.94 beats by $1.68.
    • Revenue of $10.62B (+13.8% Y/Y) beats by $1.27B.
    • Shares +1.7% PM.
    • Press Release
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  • Wed, Apr. 15, 5:30 PM
  • Fri, Jan. 16, 7:46 AM
    • Q4 net income of $2.17B or $4.38 per share vs. $4.60 one year ago. Annualized ROE of 11.1% in Q4.
    • Investment Banking revenue of $1.44B down 16% Y/Y. Financial advisory revenue of $692M up 18%, Equity underwriting $342M down 45%, Debt underwriting $406M down 21%.
    • Institutional Client Services revenue of $3.149B down 8% Y/Y. FICC revenue of $1.218B down 29%.
    • Investing & Lending revenue of $1.532B down 26% Y/Y.
    • Investment Management revenue of $1.567B down 2% Y/Y.
    • Compensation and Benefits expenses of $1.955B down 11% Y/Y. Non-compensation expenses of $2.523B down 17%, in part thanks to lower legal charges.
    • 6.6M shares repurchased during quarter for $1.25B. Another 25.4M shares remain under buyback program.
    • Conference call at 9:30 ET
    • Previously: Goldman Sachs beats by $0.06, beats on revenue (Jan. 16)
    • GS -0.7% premarket
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  • Fri, Jan. 16, 7:36 AM
    • Goldman Sachs (NYSE:GS): Q4 EPS of $4.38 beats by $0.06.
    • Revenue of $7.69B (-12.4% Y/Y) beats by $50M.
    • Shares -0.61% PM.
    • Press Release
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  • Thu, Jan. 15, 5:30 PM
  • Oct. 16, 2014, 1:03 PM
    • Goldman Sachs (GS -0.8%) looks a lot different today than it did five years ago, writes Michael Moore, presenting a chart showing FICC revenue making up just 27% of the firm total vs. 53% in 2009. Also lower as a percent of firm-wide revenue is equities trading at 18% vs. 25%.
    • Investment banking has a larger role at 19% vs. 9%; Investment & Lending 20% vs. 4%; Asset Management & Private Lending 17% vs. 9%. Should the volatility of the last few weeks continue, one suspects FICC revenue will again rise in importance.
    • The sizable earnings beat is less impressive than the headline would suggest, says Moore, noting trading revenue - after excluding accounting gains and a benefit tied to a debt payoff - fell 11% from Q2, a worse result than that of competitors like JPMorgan, Citi, and BofA. Also helping was a cut in compensation cost to just 33% of revenue compared with 35% a year earlier - some analysts had expected the ratio to stay at the 43% level it had been at during Q1 and Q2.
    • Previously: M&A and IPO action combine with Sept. volatility to boost Goldman results
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  • Oct. 16, 2014, 10:27 AM
    • Yesterday morning's panicky action is a reminder of the power of shifts in investor sentiment, says Goldman Sachs (GS -3%) CFO Harvey Schwartz on the company earnings call. Focus on the long run, he advises, and notes his team of economists assure him that long-term growth prospects remain positive.
    • Webcast
    • We seemingly talk about this every call, says UBS's Brennan Hawken, noting the bank continues to lose advisory market share. Goldman management continues to talk about increased client engagement which is nice, says Hawken, but when is this going to start dropping to the bottom line.
    • Previously: M&A and IPO action combine with Sept. volatility to boost Goldman results
    | 1 Comment
  • Oct. 16, 2014, 7:56 AM
    • Q3 EPS of $4.57 compares with $4.10 in Q2 and $2.88 one year ago.
    • Investment banking net revenue of $1.46B up 26% Y/Y, with Financial Advisory revenue of $594M up 40% thanks to busy M&A activity. Underwriting revenue of $870M up 17% thanks to fast IPO action, though debt underwriting revenue fell somewhat.
    • Institutional Client Services revenue of $3.77B up 32% Y/Y, with FICC revenue of $2.17B up 74% (though a nonrecurring gain helped out a bit). The FICC boon came from significantly higher revenue in currencies, along with interest rates, commodities, and mortgages, offset by significantly lower revenue in credit products. Conditions in the latter part of the quarter were notably better (and no doubt have continued into Q4).
    • Investing and Lending revenue of $1.69B up 15% Y/Y thanks to strong markets.
    • Investment Management revenue of $1.46B up 20% Y/Y primarily due to higher assets under supervision.
    • Expenses of $5.08B up 12% Y/Y, with compensation of $2.8B up 18%. The ratio of compensation and benefits to net revenue through the year's first nine months of 40% compares with 41% from the same period one year ago. Staff increased by 3% in Q3.
    • 7.1M shares repurchased during Q at an average cost of $176 each. 32M shares remain in buyback program.
    • Conference call at 9:30 ET
    • Previously: Goldman Sachs boosts dividend
    • Previously: Goldman Sachs beats by $1.36, beats on revenue
    • GS -2.3% premarket as broader markets tank again
    | 3 Comments
  • Oct. 16, 2014, 7:37 AM
    • Goldman Sachs (NYSE:GS): Q3 EPS of $4.57 beats by $1.36.
    • Revenue of $8.39B (+24.9% Y/Y) beats by $540M.
    • Shares +0.43% PM.
    • Press Release
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  • Oct. 15, 2014, 5:30 PM
  • Jul. 15, 2014, 11:32 AM
    • Goldman Sachs (GS +0.6%) continues to see a big boost in CEO confidence and thus M&A activity, says bank CFO Harvey Schwartz on the earnings call. "This traditionally coincides with increased client activity and economic sentiment."
    • Along with the opportunity from M&A, Goldman sees better business coming from clients' increasing worry over higher interest rates, along with customer focus on outsourcing portfolio management functions to save money and return to their core competencies.
    • Goldman is well off of its session highs following a major earnings beat. A closer look shows a major jump in Investing and Lending net revenue to $2.07B thanks to net gains of $1.25B primarily from private equity investments "driven by company-specific events."
    • “It’s like owning an orchard,” says Brad Hintz. “There are periods of time where you’re just sitting there looking at trees, and then you’re just up to your knees in apples. We happen to be at the point where the harvest is coming in.”
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  • Jul. 15, 2014, 7:48 AM
    • 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
    | 1 Comment
  • Jul. 15, 2014, 7:36 AM
    • Goldman Sachs (NYSE:GS): Q2 EPS of $4.10 beats by $1.05.
    • Revenue of $9.13B (+6.0% Y/Y) beats by $1.16B.
    • Press Release
    | 2 Comments
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Company Description
Goldman Sachs Group Inc is a investment banking, securities and investment management firm. Its segments include Investment Banking, Trading and Principal Investments, Asset Management and Securities Services.