Earnings Roundup: GE, BAC, C, GCI, COL
Friday, July 16, 2021 9:42 AM

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General Electric (NYSE: GE) posted a higher second-quarter profit Friday, thanks to a stronger performance at its finance and health-care units. However, shares of the company dropped in morning trading as revenue came in below expectations for the period. Net income rose 16% to $3.11 billion, or 28 cents a share, from $2.69 billion, or 25 cents a share, in the year-earlier quarter. Revenue dropped 4% to $37.44 billion from $39.11 billion in the same quarter last year. Analysts, on average, expected the company to report earnings of 27 cents per share on revenue of $38.48 billion. "GE's economic environment continues to improve," GE Chairman and CEO Jeff Immelt said, citing growth in orders, margins and earnings amid other encouraging signs in the quarter. "Equipment orders increased 17%, including 20% growth in the Energy Infrastructure segment and 14% at Technology Infrastructure. Oil & Gas and Healthcare orders were particular bright spots and helped hold total company orders backlog roughly flat, excluding the impact of foreign exchange. GE shares fell more than 3% in morning trading.

Bank of America Corp. (NYSE: BAC) reported that its second-quarter net income dropped to $3.12 billion, or 28 cents a share before preferred dividends, from $3.22 billion, or 33 cents, in the year-ago quarter. Total revenue, net of interest expense, for the quarter was $29.153 billion, down from $32.774 billion in the same quarter last year. Analysts, on average, expected the company to report earnings of 22 cents per share on revenue of $29.75 billion. Average retail deposit balances rose 3 percent from a year ago to $649.6 billion, paced by strong organic growth in Merrill Lynch Global Wealth Management. "Our quarterly results show that we are making progress on our strategy to align around our three core customer groups -- consumers, businesses, and institutional investors -- and create the financial institution that customers tell us they want, built on a broad relationship of clarity, transparency, and helping them manage through challenging times," said Chief Executive Officer and President Brian Moynihan. "We improved our capital foundation through retained earnings, and credit quality improved even faster than expected. We have the most complete financial franchise in the world, and we are focused on executing our strategy and delivering outstanding long-term value to our customers and shareholders." Shares of Bank of America plunged as much as 6% Friday morning.

Citigroup Inc. (NYSE: C) said Friday that its second-quarter profit dropped to $2.7 billion, or 9 cents a share, from $4.3 billion, or 49 cents a share, in the comparable period last year. Revenue dropped to $22.1 billion from $33.1 billion. Analysts, on average, expected the company to report earnings of 5 cents per share on revenue of $22.16 billion. Provisions for credit losses and for benefits and claims declined $2.0 billion sequentially to $6.7 billion, the lowest level since the third quarter of 2007, reflecting continued improvement in credit quality. "While the market environment lowered revenues in Securities and Banking, credit improved for the fourth consecutive quarter. We saw growth internationally, particularly in Transaction Services and Regional Consumer Banking in Latin America and Asia. We continue to reduce the size of Citi Holdings, and it now makes up less than a quarter of Citigroup's balance sheet,” said Vikram Pandit, Chief Executive Officer of Citi. Citigroup shares dropped more than 3% in morning trading.

Gannett Co. (NYSE: GCI) reported Friday that its second-quarter profit more than doubled to $195.5 million, or 81 cents a share, compared with a profit of $70.5 million, or 30 cents a share, in the comparable quarter last year. On an adjusted basis, the company earned $146.4 million, or 61 cents a share, in the latest quarter. Revenue dropped 2% to $1.37 billion. Analysts, on average, expected the company to report earnings of 53 cents per share on revenue of $1.39 billion. Shares of the company plummeted as much as 7% Friday morning.

Rockwell Collins, Inc. (NYSE: COL) said Friday that its fiscal third-quarter earnings dropped to $142 million, or 89 cents a share, from $145 million, or 91 cents a share, in the corresponding period last year. Revenue grew 12% to $1.2 billion. Analysts, on average, expected the company to report earnings of 89 cents per share on revenue of $1.20 billion. "Despite continued uncertainty in the global economic recovery our business continued to perform very well relative to the expectations we communicated in September, 2009," said Rockwell Collins Chairman, President and Chief Executive Officer Clay Jones. "Both business segments posted year-over-year increases in revenue for the first time since the fourth quarter of fiscal year 2008 as the commercial markets show solid improvement and our defense business continues its steady progress."

Disclosure: Author doesn’t own any of the stocks discussed here.
 

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