Citigroup (C) announced its results for the second quarter on July 16, 2012.
Earnings and Revenue
The company managed to beat EPS estimates, though the company's revenues failed to top expectations on a non-adjusted basis. The company reported an adjusted EPS of $1 a share versus the 88 cents a share estimate and revenues of $18.64 billion versus the $18.76 billion estimate. However, the big bank posted an adjusted revenue of $18.8. The estimates of 18 analysts ranged from profit of 78 cents to profit of $1.03.
History Against Expectations
The company has managed to top estimates the last two quarters. In the first quarter, it beat expectations with net income of $1.11 versus a mean estimate of net income of $1.01 per share.
Vikram Pandit, Citi's Chief Executive Officer, said, "Our core businesses performed well in a difficult environment and are generating solid returns. We had strong growth in both loans and deposits, showed resilience in our markets-facing businesses, and saw record revenues in Transaction Services. We reduced Citi Holdings to approximately 10% of our balance sheet while our capital strength and liquidity continue to be among the best in the industry. We remain focused on execution, managing our expenses and our risk, and serving clients as only we can."
Estimates provided by Zacks Investment Research and company fundamentals from Xignite Financials.