P&G Volume Growth Seen Offsetting Some Challenge

/ / Consumer Staples /

Procter & Gamble will most likely not benefit from an improvement in China and its personal health care category in its upcoming results, set to be the second consecutive quarter in which the consumer goods giant’s organic sales growth could be a bit softer than expected, Barclays analysts say in a research note. Still, Procter & Gamble continues to show significant volume growth and market share gains across most of its focus markets, including the U.S. and Western Europe, the analysts add. Barclays lowers its 3Q organic sales growth estimate by 60 basis points to 3%, but raises its recommendation on the stock to $168 from $165 previously. Shares fall 0.4% to $155.22.

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JPMorgan Chase Shares Down After 1Q Results

/ / Financials /

JPMorgan Chase is one of the most mentioned companies in the U.S. across all news items in the past 12 hours, according to Factiva data. First-quarter profit was higher than expected, rising 6% to $13.42 billion, but the bank projected muted growth for the rest of the year. JPMorgan shares were recently down 5.9% to $183.94. Dow Jones & Co. owns Factiva.

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Citigroup (C) Q1 2024 Earnings Conference

/ / Financials /

The following is a summary of the Citigroup Inc. (C) Q1 2024 Earnings Call Transcript: Financial Performance: Citigroup reported a Q1 net income of roughly $3.4 billion and earnings per share of $1.58. The company observed a 3% year-over-year rise in revenues to over $21 billion, excluding divestitures. Expenses rose 7% to $14.2 billion while average loans increased by $4 billion, boosted mostly by markets spread products, and card and mortgage loans in U.S. Personal banking. The financial institution returned $1.5 billion in capital, with $500 million in share buybacks, and maintained a preliminary CET1 ratio of 13.5%. Corporate lending revenues saw a 34% increase, whereas loan hedges saw expenses reduce by 4%. The company’s Q1 net income amounted to approximately $536 million while the RoTCE rate was noted at 9.9%. Business Progress: Citigroup carried out significant business simplifications eliminating around 7,000 positions, saving about $1.5 billion in annual expenses.

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Tesla CEO Musk Ought to Provide ‘Clear Roadmap’ With Model 2 at Center of Strategic Vision, Wedbush Securities Says

/ / Consumer Discretionary /

Tesla’s (TSLA) future is a “bit murky now” that requires Chief Executive Elon Musk to give a “clear roadmap” to the Street with Model 2 as the main component of that “strategic vision,” a research note from Wedbush Securities said following the electric vehicle manufacturer’s plans to unveil its Robotaxi on Aug. 8. Model 2 is a critical element in Tesla’s growth story as a sub $30,000 price point will help drive mass demand globally, Wedbush analysts, including Daniel Ives, said in the note late Thursday. About 60% of the company’s growth in the next few years will come from Model 2, which was set to hit the roads by late 2025 or early 2026. “If robotaxis is viewed as the ‘magic model’ to replace Model 2 we would view this as a debacle negative for the Tesla story,” Ives said in the note. “It would be a risky gamble

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BlackRock Q1 Adj. EPS $9.81 Beats $9.32 Estimate, Sales $4.73B Beat $4.68B Estimate

/ / Financials /

BlackRock (NYSE:BLK) reported quarterly earnings of $9.81 per share which beat the analyst consensus estimate of $9.32 by 5.26 percent. This is a 23.71 percent increase over earnings of $7.93 per share from the same period last year. The company reported quarterly sales of $4.73 billion which beat the analyst consensus estimate of $4.68 billion by 1.03 percent. This is a 11.43 percent increase over sales of $4.24 billion the same period last year.

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Citigroup First Quarter 2024 Results and Key Metrics

/ / Financials /

New York, April 12, 2024 Citigroup Inc. today reported net income for the first quarter 2024 of $3.4 billion, or $1.58 per diluted share, on revenues of $21.1 billion. This compares to net income of $4.6 billion, or $2.19 per diluted share, on revenues of $21.4 billion for the first quarter 2023. 1Q24 Financial Overview Highlights Revenues decreased 2% from the prior-year period, on a reported basis. Excluding divestiture-related impacts of $1 billion, primarily consisting of the gain from the sale ofthe India consumer business in the prior-year period, revenues were up 3% year over year. This increase in revenues was driven by growth across Banking, U.S. Personal Banking (USPB) and Services, partially offset by declines in Markets and Wealth. Net income of $3.4 billion decreased from $4.6 billion in the prior-year period, primarily driven by higher expenses, higher cost of credit and the lower revenues. Earnings per share of

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