logo
  

Goldman Sachs Q3 Profit Declines, Miss Estimates - Quick Facts

The Goldman Sachs Group, Inc. (GS) reported Tuesday that net earnings applicable to common shareholders for the third quarter decreased to $1.79 billion or $4.79 per share from $2.45 billion or $6.28 per share in the year-ago quarter.

On average, 20 analysts polled by Thomson Reuters expected the company to report profit per share of $4.81 for the quarter. Analysts' estimates typically exclude special items.

Net revenues for the quarter declined 6 percent to $8.32 billion from last year, primarily reflecting lower net revenues in Investing & Lending and Investment Banking, partially offset by higher net revenues in Institutional Client Services. Analysts expected revenue of $8.31 billion for the quarter.

Institutional Client Services net revenues grew 6 percent to $3.29 billion, while Investing & Lending net revenues declined 17 percent to $1.68 billion from last year.

Net revenues in Investment Banking declined 15 percent from last year to $1.69 billion, and net revenues in Investment Management declined 2 percent to $1.67 billion from the previous year.

Provision for credit losses for the quarter was $291 million, up 67 percent from last year, primarily reflecting higher impairments.

Additionally, the Board of Directors of Goldman Sachs declared a dividend of $1.25 per common share to be paid on December 30, 2019 to common shareholders of record on December 2, 2019.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
While reporting its financial results for the second quarter on Thursday, Kellogg Co. (K) reaffirmed its currency-neutral adjusted earnings growth guidance for the full year 2021. For fiscal 2021, the company now projects currency-neutral adjusted earnings per share growth of about 1 to 2 percent... Moderna Inc. (MRNA) reported a profit for the second quarter compared to a loss in the previous year, reflecting surging revenues on commercial sales of the company's COVID-19 vaccine in the U.S. Quarterly earnings per share and revenues topped analysts' expectations. The company raised its 2021 sales forecast for its COVID-19 vaccine. New Widetech has recalled dehumidifiers sold under various brand names citing fire and burn risks, the U.S. Consumer Product Safety Commission said. The brand names include AeonAir, Amana, Haier, Honeywell, and Whirlpool, among others. The recall was initiated after New Widetech received reports of 107 incidents of the recalled dehumidifiers overheating and/or catching fire.
Follow RTT