Financial services company, Citigroup Inc.(C) reported an increase in profits for Q4, but missed analysts estimates on Thursday.
The New York, NY based company reported fourth quarter earnings of $1.2 billion, or 38 cents per share, up from $956 million, or 31 cents per share last year. Excluding special items, net income for the quarter came in at $2.2 billion, or 69 cents per share, missing analysts estimates of 96 cents per share.
Revenue came in at $18.17 billion for the quarter, up from $17.17 last year, but missing analysts estimates of $18.82 billion.
This is Citi’s first earnings report with new CEO Michael Corbat, after previous CEO Vikram Pandit resigned suddenly in October. The fourth quarter included an announcement to lay off 11,000 employees in attempt to cut costs.
Total layoff and lawsuit costs for the quarter came in at $2.32 billion.
Citigroup shares were down -$1.07, or -2.52% during premarket trading Thursday. The stock has increased 38% in the past year.
The Bottom Line
Shares of Citigroup (C) have a .09% dividend yield, based on last night’s closing stock price of $42.48. The stock has technical support in the $36-$38 price area. If the shares can firm up, we see overhead resistance around the $44-$45 price levels.
Citigroup Inc.(C) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.0 out of 5 stars.