Citigroup Inc. (NYSE: C) is scheduled to report its second quarter FY 2011 financial results on July 15, 2011. In the last four quarters, the company's reported EPS has exceeded Wall Street consensus estimates in the quarters ended June 2010, September 2010, and March 2011, by margins of 87.50 percent, 22.80 percent, and 8.70 percent, respectively. For the quarter ended December 2010, the company's reported EPS missed Wall Street consensus estimate by a margin of 48.10 percent.
During the current quarter, Citigroup reinstated its common stock dividend of $0.01 per share, which was paid to the share holders on June 17, 2011.
For Q1 FY 2011
- Citigroup reported net income of $3 billion, representing an increase of 130 percent, compared with net income of $1.3 billion in the fourth quarter FY 2010, but a decline of 46 percent from $4.4 billion in the first quarter FY 2010.
- Earnings were $0.10 per diluted share, down from $0.15 per diluted share in the first quarter FY 2010.
- Total revenue was $19.72 billion, down 22 percent compared with total revenue of $25.42 billion in the comparable quarter last fiscal.
- Citigroup expenses increased $808 million, or 7 percent, year-over-year to $12.3 billion, reflecting higher legal and related costs, the impact of foreign exchange, continued investment spending and increased business volumes.
- The company maintained a strong balance sheet during the quarter, with a Tier 1 Common ratio of 11.3 percent, up 220 basis points from last year.
For FY 2010
Citigroup reported total revenue of $54.65 billion, up 11 percent, compared with total revenues of $48.91 in FY 2009. Net income for the year was $10.6 billion, compared with a loss of $1.6 billion in FY 2009. Earnings for the year were $0.35 per diluted share, compared with a loss of $0.80 per diluted share last fiscal year.
Analysts Forecast
For the second quarter, analysts' EPS estimates range from a low of $0.76 to a high of $1.24 per share, compared with a consensus estimate of $0.90 per share to $1.01 per share in the year ago quarter. For this quarter, analysts' revenue estimates range from a low of $19.18 billion to a high of $20.89 billion, compared with a consensus estimate of $20.06 billion to $22.07 billion in the same quarter a year ago. For the second quarter, the consensus EPS forecast has been decreased from $1.02 per share estimated 30 days ago to the current estimate of $1.01 per share.
In the last 52 weeks, Citi's stock has been trading in the range of $36.20 to $51.50. The last trading price of the stock was $39.99 on June 27. On June 21, analysts at Standpoint Research initiated the stock with a Buy rating.
