Citigroup Net Drops on Legal Charges, Bank of America Net Plunges

Mukesh Buch
15 Jan, 2015
New York City

Bank of America net plunged 14% on 11% decline in revenues. BlackRock net fell 3% on flat revenues. Citigroup net tumbled 86% on legal expenses and repositioning charges of $3.5 billion. Fastenal net surged 19%. Lennar net jumped 50%.

[R]11:50 AM New York – Bank of America net plunged 14% on 11% decline in revenues. BlackRock net fell 3% on flat revenues. Citigroup net tumbled 86% on legal expenses and repositioning charges of $3.5 billion. Fastenal net surged 19%. Lennar net jumped 50%.[/R]

Tollbooth Index fell 0.6% or 59.03 to 9,757.20.

Earnings Review

Bank of America Corp ((BAC)) dropped 2.4% or 39 cents to $15.65 after the bank reported total interest income in the fourth-quarter ending in December declined 11.4% to $12.15 billion from a year ago period.

Net income in the quarter plunged 13.8% to $2.74 billion or 25 cents a diluted share compared to $3.18 billion or 29 cents from the same quarter last year.

BlackRock, Inc ((BLK)) gained 69 cents to $346.44 after the investment company said revenues in the fourth-quarter ending in December was flat at $2.78 billion from a year ago period.

Net income in the quarter fell 3% to $813 million or $4.77 a diluted share compared to $841 million or $4.86 from the same quarter last year.

Citigroup Inc ((C)) slipped 2.6% or $1.26 to $47.79 after the diversified financial services provider reported revenues in the fourth-quarter ending in December edged up 0.2% to $17.81 billion from a year ago period.

Net income in the quarter tumbled 86% to $350 million or 6 cents a diluted share compared to $2.5 billion or 77 cents from the same quarter last year.

The bank reported legal and related expenses and repositioning charges in the current quarter to $3.5 billion compared to $1 billion in the prior year period.

Clarcor Inc ((CLC)) increased 1.5% or 90 cents to $62.35 after the filtration products provider stated net sales in the fourth-quarter ending on November 29 jumped 39% to $413.4 million from a year ago period.

Net earnings in the quarter climbed 32% to $43.5 million or 86 cents a diluted share compared to $32.9 million or 65 cents from the same quarter last year.

Fastenal Company ((FAST)) fell 14 cents to $44.79 after the industrial and construction equipment retailer said net sales in the fourth-quarter ending in December soared 13.8% to $926.3 million from a year ago period.

Net income in the quarter surged 19.3% to $118.4 million or 40 cents a diluted share compared to $99.2 million or 33 cents from the same quarter last year.

Lennar Corporation ((LEN)) slipped 2.5% or $1.13 to $44.63 after the homebuilder and financial service provider stated total revenues in the fourth-quarter ending in November climbed 35.1% to $2.58 billion from a year ago period.

Net income in the quarter jumped 49.5% to $245.3 million or $1.07 a diluted share compared to $164.1 million or 73 cents from the same quarter last year.

Kellogg Company ((K)) increased 50 cents to $67.23 after the ready-to-eat cereal maker announced it has acquired a majority stake in Egypt-based packaged biscuits maker Bisco Misr for EGP 89.86 per share of 85.93% of total outstanding shares.