Goldman Sachs beats by $1.38, beats on revs; raises quarterly dividend 6.7% to $0.80/share
- Reports Q1 (Mar) earnings of $6.95 per share, $1.38 better than the Capital IQ Consensus of $5.57; revenues rose 25.0% year/year to $10.04 bln vs the $8.73 bln Capital IQ Consensus -- the highest in three years.
- Annualized ROE of 15.4% was the highest in over five years.
- Book value per common share increased by 3.2% during the quarter to $186.73; tangible book value per common share was $176.28.
- Investment Banking net revenues of $1.79 billion (+5%) included the second highest quarterly net revenues in debt underwriting. Institutional Client Services generated net revenues of $4.39 billion (+31%).
- Fixed Income, Currency and Commodities Client Execution and Equities each produced its highest quarterly results in three years. Net revenues in FICC Client Execution were $2.07 billion, 23% higher than the first quarter of 2017.
- Net revenues in Equities were $2.31 billion, 38% higher than the first quarter of 2017
- Investment Management produced record quarterly net revenues of $1.77 billion, as assets under supervision increased to a record $1.50 trillion, with net inflows in long-term assets under supervision of $13 billion.
- Raised dividend 6.7% to $0.80/share.