• 19 Apr 2011 at 8:33 AM

Lloyd Blankfein, Analysts “Pleased” With Goldman’s First-Quarter Results

By Bess Levin

Net income dropped 21 percent but it still beat expectations so high-fives all around!

Goldman…today reported net revenues of $11.89 billion and net earnings of $2.74 billion for the first quarter ended March 31, 2011. Diluted earnings per common share were $1.56 compared with $5.59 for the first quarter of 2010 and $3.79 for the fourth quarter of 2010. Annualized return on average common shareholders’ equity (ROE) (2) was 12.2% for the first quarter of 2011.

Excluding the preferred dividend of $1.64 billion related to the redemption of the firm’s Series G Preferred Stock, diluted earnings per common share were $4.38 (1) and annualized ROE was 14.5% (1) for the first quarter of 2011.

“We are pleased with our first quarter results,” said Lloyd C. Blankfein, Chairman and Chief Executive Officer. “Generally improving market and economic conditions, coupled with our strong client franchise, produced solid results. Looking ahead, we continue to see encouraging indications for economic activity globally.”

GOLDMAN SACHS REPORTS FIRST QUARTER EARNINGS PER COMMON SHARE OF $1.56 [GS]
Goldman Sachs First-Quarter Profit Tops Analysts’ Estimates [Bloomberg]
Goldman Sachs Earnings, Sales Beat Wall Street Views [Reuters]
Goldman Beats Estimates Despite 21% Dip [FT]

Comments (27)

  1. 1
    Posted by Lewis Winthorpe III | April 19, 2011 at 1:30 PM

    So… technically, Citi beat GS?

    …with 15 times the amount of employees.

  2. 2
    Posted by Ready to help | April 19, 2011 at 1:48 PM

    Call off the fundraiser…everything is fine.

  3. 3
    Posted by Guest | April 19, 2011 at 2:07 PM

    At least now we ‘know’ Blankfein can afford a small vacation. With that drop in NI, I’m guess it will be to a Motel 6 in Ocean City instead of the Hamptons this year.

  4. 4
    Posted by Guest | April 19, 2011 at 2:07 PM

    At least now we ‘know’ Blankfein can afford a small vacation. With that drop in NI, I’m guess it will be to a Motel 6 in Ocean City instead of the Hamptons this year.

  5. 5
    Posted by P. Jiang | April 19, 2011 at 2:08 PM

    I am pleased by my first marker’s results. Repeatedly.

  6. 6
    Posted by P. Jiang | April 19, 2011 at 2:08 PM

    I am pleased by my first marker’s results. Repeatedly.

  7. 7
    Posted by Solden Gcrot | April 19, 2011 at 2:08 PM

    Bess, we don’t high five. We clang by giving each other a low two.

  8. 8
    Posted by Solden Gcrot | April 19, 2011 at 2:08 PM

    Bess, we don’t high five. We clang by giving each other a low two.

  9. 9
    Posted by SR | April 19, 2011 at 2:12 PM

    If you want to look at it that way: C $3.0B NI vs. GS $2.7B NI. So, yeah.

  10. 10
    Posted by SR | April 19, 2011 at 2:12 PM

    If you want to look at it that way: C $3.0B NI vs. GS $2.7B NI. So, yeah.

  11. 11
    Posted by SR | April 19, 2011 at 2:15 PM

    He could always stay at a Hampton Inn.

  12. 12
    Posted by SR | April 19, 2011 at 2:15 PM

    He could always stay at a Hampton Inn.

  13. 13
    Posted by I'm a Miracle Worker | April 19, 2011 at 2:26 PM

    But I can’t turn chicken shit into chicken salad.

  14. 14
    Posted by Confucius | April 19, 2011 at 2:28 PM

    Great metric. . .my one complaint about using revenue per employee has always been that it doesn’t double count compensation, thanks

  15. 15
    Posted by Confucius | April 19, 2011 at 2:28 PM

    Great metric. . .my one complaint about using revenue per employee has always been that it doesn’t double count compensation, thanks

  16. 16
    Posted by Heywood | April 19, 2011 at 2:38 PM

    I knew Lloyd would be pleased before he knew he would be pleased.

    The Gartman

  17. 17
    Posted by Heywood | April 19, 2011 at 2:38 PM

    I knew Lloyd would be pleased before he knew he would be pleased.

    The Gartman

  18. 18
    Posted by Guest | April 19, 2011 at 2:44 PM

    I like the cut of your jib.

    -VP

  19. 19
    Posted by Guest | April 19, 2011 at 2:44 PM

    I like the cut of your jib.

    -VP

  20. 20
    Posted by joe | April 19, 2011 at 2:44 PM

    Doing my work for me

    - God

  21. 21
    Posted by joe | April 19, 2011 at 2:44 PM

    Doing my work for me

    - God

  22. 22
    Posted by management say on pay | April 19, 2011 at 3:35 PM

    Well, I guess they’ll be able to cover my fee anyhow

  23. 23
    Posted by management say on pay | April 19, 2011 at 3:35 PM

    Well, I guess they’ll be able to cover my fee anyhow

  24. 24
    Posted by The Real God | April 19, 2011 at 4:19 PM

    Goldman reporting during Holy Week, touche’ Lloyd.

  25. 25
    Posted by The Real God | April 19, 2011 at 4:19 PM

    Goldman reporting during Holy Week, touche’ Lloyd.

  26. 26
    Posted by Guest | April 19, 2011 at 4:42 PM

    I turn chicken shit into USDA Prime Angus NY Strip.

    -West Texas Cattle “Trader”

  27. 27
    Posted by Guest | April 19, 2011 at 4:42 PM

    I turn chicken shit into USDA Prime Angus NY Strip.

    -West Texas Cattle “Trader”

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