Have you been eager to see how Citigroup Inc. (C - Free Report) performed in Q3 in comparison with the market expectations? Let’s quickly scan through the key facts from this New York-based money center bank’s earnings release this morning:
Earnings Improve
Citigroup came out with earnings per share of $1.42, compared favorably with earnings of $1.24 in the prior-year quarter. Adjusted earnings came in at $1.29 per share. The Zacks Consensus Estimate was $1.32.
Improvement in earnings was primarily driven by higher revenues.
How Was the Estimate Revision Trend?
You should note that the earnings estimate for Citigroup depicted optimism prior to the earnings release. The Zacks Consensus Estimate increased 1.5% over the last seven days.
Also, Citigroup has a decent earnings surprise history. The company also delivered positive surprises in the prior four quarters. Overall, the company surpassed the Zacks Consensus Estimate by an average of 6.28% in the trailing four quarters.
Citigroup Inc. Price and EPS Surprise
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Revenue Came in Higher Than Expected
Citigroup’s revenues of $18.2 billion outpaced the Zacks Consensus Estimate of $17.7 billion. Moreover, revenues increased 2% year over year. Â
Key Takeaways
- Net Income stood at $4.1 billion, up 8% from the prior year quarter.
- Costs of credit surged 15% year over year to $2 billion.
- Returned around $6.4 billion to shareholders as common stock repurchases and dividends.
