ticker

Johnson & Johnson the pharmaceuticals and consumer products maker, said first quarter revenue increased 5.6% to $24.75 billion.

The company swung to a net loss of $68 million from a profit of $5.2 billion and diluted earnings per share swung to ($0.03) from $1.93 a year ago.

Adjusted earnings, which excludes special items and amortization expenses, fell 0.9% to $7.06 billion from $7.2 billion and adjusted diluted earnings per share inched up to $2.68 from $2.67 a year ago.

Lockheed Martin Corp, the aerospace company and defense contractor, reaffirmed its full-year outlook and posted better-than-expected quarterly results.

Net sales in the first quarter increased to $15.1 billion from $15.0 billion and net income was flat at $1.7 billion and diluted earnings per share rose to $6.61 from $6.44 a year ago.

The company paid $784 million in dividends and $500 million of its own shares in the first quarter.

Goldman Sachs Group Inc reported lower-than-expected revenue and took a charge of $470 million related to the sale of its consumer loans business Marcus.

Revenue in the first quarter ending in March decreased 5% to $12.2 billion from $12.9 billion. Investment banking fees declined 26% to $1.6 billion, bonds, currencies and commodities business dropped 17% to $3.9 billion and equities segment revenue decreased 7% to $3.0 billion.

Asset and wealth management revenue rose 24% to $3.2 billion and platform solutions revenue soared 110% to $564 million.

Net income applicable to common stockholders fell 19% to $3.1 billion from $3.8 billion and diluted earnings per share fell to $8.79 from $10.76 a year ago. Provision for credit losses was a net gain of $171 million for the first quarter, compared with net provisions of $561 million for the first quarter of 2022 and $972 million for the fourth quarter of 2022.

Bank of America Corp reported better-than-expected revenue and earnings in the first quarter, reflecting a jump in net interest rate margin.

Total revenue, net of interest expense, in the first quarter increased 13% to $26.3 billion and net income increased to $7.6 billion from $6.6 billion and diluted earnings per share increased to 94 cents from 85 cents a year ago.

Client balances declined 2% from a year ago to $1.6 trillion but rose 2% from the fourth quarter and the bank increased its provision for loan losses to $931 million from $30 million a year ago largely driven by credit card balances.

Charles Schwab Corporation, the online stock broker and financial services provider, reported better-than-expected earnings in its latest quarter.

Revenue in the first quarter increased 10% to $5.1 billion and net income rose 14% to $1.6 billion from $1.4 billion and diluted earnings per share advanced to 83 cents from 67 cents a year ago.

Schwab attracted net new one million accounts with core net new assets of $132 billion in the quarter, including $51 billion in March.