Citigroup Slips To Loss In Q4, But Adj. EPS Tops Estimates
(RTTNews) - Citigroup Inc. (C) reported Friday a net loss to common shareholders of $2.14 billion or $1.16 per share for the fourth quarter, compared to net income of $2.18 billion or $1.16 per share in the prior-year quarter.
Results for the latest quarter included pre-tax expenses associated FDIC special assessment of about $1.7 billion, $1.3 billion of reserve build associated with transfer risk in Russia and Argentina, negative foreign exchange impact of $88o million and a restructuring charge of $780 million.
Excluding such items, adjusted net income for the quarter was $0.84 per share.
On average, 13 analysts polled by Thomson Reuters expected the company to report earnings of $0.79 per share for the quarter. Analysts' estimates typically exclude special items.
The provision for credit losses was $1.99 billion, compared to $1.18 billion last year.
Total revenues, net of interest expense, for the quarter decreased 3 percent to $17.44 billion from $18.01 billion in the prior-year quarter. Wall Street expected revenues of $18.75 billion for the quarter.
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