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]