Breaking News
Apr 14, 2023
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Citigroup Inc said revenue in the first quarter increased 12% to $21.4 billion and net income rose to $4.6 billion from $4.3 billion and diluted earnings per share increased to $2.19 from $2.02 a year ago.
Deposits at the end of the quarter were nearly unchanged at $1.3 trillion and loans declined 1% from a year ago to $652 billion. Cost of credit increased to $2.0 billion in the first quarter from $0.8 billion a year ago, primarily driven by higher credit balances and weakening of macroeconomic conditions. -
Wells Fargo & Company said total revenue in the first quarter increased 17% to $20.7 billion and net income soared 32% to $4.99 billion from $3.79 billion and diluted earnings per share rose to $1.23 from 91 cents a year ago.
Net interest margin increased to 3.20% in the first quarter 2023 from 3.14% in the fourth quarter 2022 and 2.16% a year ago. Average deposits in the quarter declined 7% from a year ago to $1.356 trillion from $1.464 trillion, loans increased 6% to $948.7 billion and assets fell 3% to $1.863 trillion.
Return on assets in the first quarter increased to 1.09% from 0.8% and return on equity rose to 11.7% from 8.7% a year ago. -
JPMorgan Chase & Company said first quarter revenue jumped 25% to $38.3 billion and net income soared 52% to $12.6 billion from $8.28 billion and diluted earnings per share increased to $4.10 from $2.63 a year ago.
Provision for credit losses rose to $2.27 billion from $1.46 billion a year ago. Return on equity jumped to 18% in the first quarter of 2023 from 13% and return on assets increased to 1.38% from 0.86% a year ago.
Loans net of allowances increased 5% to $1.1 trillion from $1.05 trillion, deposits fell 7% to $2.37 trillion and total assets fell 5% to $3.74 trillion from $3.95 trillion a year ago. Assets under management increased 2% to $3.0 trillion.
JPMorgan repurchased $1.9 billion of its own stock and paid a dividend of $3.0 billion or $1.0 a share in the first quarter. -
The producer price index in March fell 0.5% from the previous month, the U.S. Bureau of Labor Statistics reported Thursday. Core wholesale prices paid by companies decreased 0.1% on a monthly basis after rising 0.2% in February.
Wholesale prices rose 2.7% on an annual basis in March and core prices, excluding food and energy, increased 3.4%.
Lower cost of energy and higher base also impacted the overall inflation reading. Two-thirds of the decline can be attributable to 1.0% decrease in final demand for goods, namely gasoline or energy materials. -
Delta Air Lines, Inc forecasted June quarter earnings per share between $2.0 and $2.25 and full-year earnings per share between $5.0 and $6.0 and free cash flow of $2.0 billion.
"With record advance bookings for the summer, we expect June quarter revenue to be 15% to 17% higher on capacity growth of 17% year over year," said Glen Hauenstein, Delta's president.
Delta said March quarter operating revenue rose 36% to $12.8 billion and net loss shrank 61% to $363 million from $940 million and diluted loss per share fell to 57 cents from $1.48 a year ago.
Delta's strong summer booking lifted United Airlines Holdings by 1.4% and American Airlines Group by 0.6%. -
Infosys Ltd after the India-based global tech services provider reported weaker-than-expected quarterly results.
Revenue in the March quarter increased 6.4% to $4.6 billion and net income declined to $744 million from $752 million and diluted earnings per share held at 18 cents.
For the fiscal year 2023, revenue increased 11.7% to $18.2 billion and net income was stable at $2.9 billion and diluted earnings per share was 71 cents compared to 70 cents a year ago.
The company guided fiscal year 2024 revenue to rise between 4% and 7% in constant currency and operating margin between 20% and 22%. -
Consumer price index declined to an annual rate of 5% in March, according to the latest report released by the U.S. Bureau of Labor Statistics.
Sharp decline in gasoline prices slowed the headline inflation but core inflation accelerated in the month to 5.6% from a year ago and rose 0.4% from the previous month on higher shelter costs. -
Berkshire Hathaway increased its stake in five trading houses in Japan to above 7% and the diversified conglomerate is prepared to add more and hold investment for a decade or two.
Berkshire first acquired stakes in these so called Shogo Shosha in August 2020. Itochu, Marubeni, Mitsui, Mitsubishi and Sumitomo play a crucial role in Japan's import of energy, food, chemicals and other commodities. -
CarMax Inc said revenue in the fiscal fourth quarter ending in February increased 25.6% to $5.6 billion and net income plunged to $69.0 million from $1159.8 million and diluted earnings per share fell to 44 cents from 98 cents a year ago.
Combined retail and wholesale used vehicle unit sales were 290,214, 15.5% lower compared to the previous year. Average selling price for used vehicles declined 9.3% to $26,598 from $29,312 a year ago.
Used vehicle sales unit sales at comparable stores declined 14.1% in the quarter on top of 6.5% fall in the previous year's period. Used vehicle revenue at comparable stores dropped 22.0% compared to 30.5% increase in the quarter a year ago.
During the quarter, the company did not repurchase any of its shares and the stock repurchase program still has $2.45 billion available for buyback. -
U.S. economy added 236,000 net new jobs as employers slow hiring amid rising costs and interest rates, the U.S. Bureau of Labor Statistics reported Friday.
The unemployment rate declined to 3.5% from 3.6% in February.
Both the unemployment rate, at 3.5%, and the number of unemployed persons, at 5.8 million, changed little in March. These measures have shown little net movement since early 2022.
U.S. economy added downwardly revised 472,000 new jobs in January and upwardly revised 326,000 in February, significantly higher than the long-term monthly average of less than 190,000.
Average hourly earnings rose 0.3% in March to $33.18 and increased 4.2% on an annual basis but the increase dropped to the lowest level since June 2021.
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