Quick Facts
FONT-SIZE Plus   Neg
Share SHARE

JPMorgan Chase Slips To Loss In Q3 - Quick Facts

Financial services giant JPMorgan Chase & Co. (JPM: Quote) reported third-quarter net loss of $0.4 billion, as against a profit of $5.71 billion in the 2012 period. On a per share basis, quarterly loss totaled $0.17, compared with a $1.40 income reported a year back. On average, 27 analysts polled by Thomson Reuters expected earnings per share of $1.19 for the quarter. Analysts' estimates typically exclude one-time items.

On a managed basis, the firm clocked revenue of $23.9 billion in the tri-monthly period, compared with the prior-year figure of $25.86 billion, with reported total net revenue dropping year-over-year to $23.12 billion, from $25.15 billion. Analysts estimated revenues of $23.94 billion for the quarter.

JPMorgan Chase said the third-quarter results included legal expense in Corporate of $9.2 billion, and a benefit from reserve releases of $1.6 billion. Excluding these items, quarterly net profit would have been $5.8 billion, or $1.42 per share, the company added.

The company's Chairman and Chief Executive commented: "While we had strong underlying performance across the businesses, unfortunately, the quarter was marred by large legal expense. We continuously evaluate our legal reserves, but in this highly charged and unpredictable environment, with escalating demands and penalties from multiple government agencies, we thought it was prudent to significantly strengthen them. While we expect our litigation costs should abate and normalize over time, they may continue to be volatile over the next several quarters."

Register
To receive FREE breaking news email alerts for JPMorgan Chase & Co. and others in your portfolio

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Quick Facts

Editors Pick
Toyota Motor Corp. (TM, TYT.L) Thursday announced 1.1 percent decline in worldwide production for October, as there was a sharp decline in production of passenger cars in Japan. Production outside Japan improved 2.3 percent. In a separate announcement, the Japanese automaker said it will recall more... Computer and printer maker Hewlett-Packard Co. said Tuesday after the markets closed that its fourth quarter profit fell 6% from last year, as revenue declined 2%. The company's quarterly earnings per share, excluding items, came in line with analysts' expectations, but its quarterly revenue fell short of analysts' forecast. This organic and natural products company has experienced strong compounded annual growth over the last four fiscal years with its net sales growing 25% and adjusted income from continuing operations over 30%.
comments powered by Disqus
FREE Newsletters, Analysis & Alerts

 

Stay informed with our FREE daily Newsletters and real-time breaking News Alerts. Sign up to receive the latest information on business news, health, technology, biotech, market analysis, currency trading and more.