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American Express (AXP)

American Express Reports Revenues Down 16%

American Express reported Q3 earnings of $0.53 on net income of $640 million versus $0.70 on net income of $815 in the year ago period.
“Our results showed further progress in navigating through the most difficult economic environment in decades,” said Kenneth I. Chenault, chairman and chief executive officer.

Oct 23 · 12:19:00 PM · Source: Press Release
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by Michael Oliveto

T. Rowe Price (TROW)

T. Rowe Price Earnings Dip, But Top Expectations

T. Rowe Price Friday reported a profit of $132.4 million, or 50 cents a share, down from $152.4 million, or 56 cents a share, a year earlier. Net revenue decreased 10% to $498.1 million. During the quarter, assets under management increased 16% to $366.2 billion as of Sept. 30, including $218.4 billion in mutual funds.
Analysts polled by Thomson Reuters most recently forecast earnings of 46 cents on revenue of $496 million.

Oct 23 · 10:17:00 AM · Source: Company News Release
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by Larry Etter

Fifth Third Bancorp (FITB)

Fifth Third Shows Wider Q3 Loss

Fifth Third Bancorp Thursday posted a wider loss in the third quarter on rising real estate and construction loan losses and high credit costs. The Cincinnati company reported a loss of $97 million, or 20 cents per share, compared with $56 million, or 14 cents per share, a year ago.
Analysts surveyed by Thomson Reuters, on average, expected a loss of 17 cents per share.

Oct 22 · 10:54:00 AM · Source: News Release
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by Larry Etter

Suntrust Banks (STI)

SunTrust Posts Q3 Loss

SunTrust Banks Inc. on Thursday posted a big third-quarter loss as it set aside more money to cover bad loans, but said the rate at which mortgages were slipping into delinquency slowed for the first time in a year. The bank reported a loss of $377.1 million, or 76 cents per share, compared with a year-ago profit of $304.4 million, or 87 cents per share. The latest quarter included charges of 16 cents per share related to the valuation of certain debt.
"Negative earnings could continue until 2010 and normalized earnings may take longer to realize than peers,'' Bank of America Merrill Lynch analyst Kenneth Usdin had reported in an Oct. 13 report

Oct 22 · 10:37:00 AM · Source: AP
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by Larry Etter

Wells Fargo (WFC)

Wells Fargo Profits Up 98%

Wells Fargo & Co.'s (WFC) third-quarter earnings surged 98% as results were boosted by the bank's acquisition of Wachovia, but credit-loss provisions and net charge-offs continued to rise. Wells Fargo, the third-largest U.S. bank by market capitalization, posted earnings of $3.24 billion, or 56 cents a share, up from $1.64 billion, or 49 cents a share, a year earlier. The company had 41% more shares outstanding in the most recent period amid the takeover. Revenue more than doubled to $22.5 billion.
Analysts polled by Thomson Reuters projected earnings of 37 cents on revenue of $21.64 billion.

Oct 21 · 10:26:00 AM · Source: Wall Street Journal
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by Larry Etter

Northern Trust (NTRS)

Northern Trust Returns to Profitability

Northern Trust Corp. (NTRS) returned to making a profit, posting third quarter earnings of $187.9 million, or 77 cents a share, compared with a year-earlier loss of $148.3 million, or 66 cents. Excluding items including the prior-year costs from the company's supporting its cash-investment funds, earnings rose to 72 cents from 58 cents. Consolidated revenue fell 1% to $927.6 million. "The financial markets continue to send mixed signals. Although equity markets improved compared with the second quarter, they remain well below year-ago levels and interest rates have fallen dramatically year over year." said Frederick H. Waddell, president and CEO of Northern Trust, which provides investment management and other services to affluent people and institutions.
Chicago bank holding company still fell short of analysts' estimates.

Oct 21 · 10:01:00 AM · Source: Various
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by Larry Etter

Morgan Stanley (MS)

Morgan Stanley Profitable, Beats Estimates

Morgan Stanley announced on Wednesday that it had returned to profitability in the third quarter after three successive quarterly losses. The bank said it earned $498 million or 38 cents a share, compared with $7.7 billion, or $7.38 a share, in the quarter a year ago when results were helped by a one-time gain.
Earnings from continuing operations were $757 million in the third quarter, after a loss of $159 million in the second quarter. The results beat expectations. Analysts had expected earnings 29 cents a share on revenues of about $6.99 billion

Oct 21 · 9:56:00 AM · Source: New York Times
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by Larry Etter

Bank of America (BAC)

Bank of America Reports 3Q ’09 EPS Loss of $0.26

Bank of America today reported a third-quarter 2009 net loss of $1.0 billion. After deducting preferred dividends of $1.2 billion, including $893 million related to dividends paid to the U.S. government, the diluted loss per share was $0.26. Those results compared with net income of $1.2 billion, or diluted earnings per share of $0.15, during the year-ago period. Through the first nine months of the year, the company had net income of $6.5 billion, or $0.39 per share after preferred dividends, compared with $5.8 billion, or $1.09 per share a year earlier.
"The company's core performance was impacted by a number of non-core items," said Chief Executive Officer and President Kenneth D. Lewis. "The market's improved view of Bank of America's credit cost the company due to non-cash marks on liabilities. "Excluding those items, our revenue continued to hold up well," Lewis said. "Obviously, credit costs remain high, and that is our major financial challenge going forward. However, we are heartened by early positive signs, such as the leveling of delinquencies among our credit card customers."

Oct 16 · 8:08:00 AM · Source: Press Release
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by Rich Pike

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