Mark Lennihan, Associated Press
NEW YORK — Goldman Sachs reported first-quarter results that beat analysts' forecasts thanks to a pickup in stock and bond underwriting.
The bank earned $2.2 billion in the first quarter, up 5 percent from a year ago.
The earnings were equivalent to $4.29 per share. Analysts polled by FactSet had expected $3.90 per share. Revenue was $10.1 billion, up 1 percent from a year ago. That also beat analysts' forecast of $9.7 billion.
In a prepared statement, Goldman's CEO Lloyd Blankfein described the results as "generally solid." He also said the potential for economic instability had "constrained" companies and investors and that the bank would remain focused on controlling costs.
The investment bank underwrote more stock and bond offerings, although revenue from advising companies on mergers and acquisitions fell slightly.
Revenue from investing and lending was up overall, thanks in part to Goldman's sale of some of its stake in the Industrial and Commercial Bank of China.
Revenue from the unit that trades on behalf of customers — usually institutions such as pensions, mutual funds and hedge funds — fell. Revenue from the unit that manages money for clients rose.
Goldman Sachs' stock was little changed in pre-market trading Tuesday at $146.50.
- Historic solar flight marks first...
- Judge set to decide on $15B Volkswagen...
- Former Oregon lumber town rides digital wave...
- US home prices rise at steady pace as sales...
- Stocks waver as investors monitor company...
- US stocks rise, helped by jump in Apple shares
- Fiat Chrysler raises outlook as Q2 profits...
- 4 ways to get the best wardrobe on a budget
- Provo, Orem residents take bus rapid... 11
- How to recognize the signs of a scam... 5
- Utah communities are working to stop... 5
- Jennifer Napier-Pearce named editor of... 5
- Judge sends Jeremy Johnson to prison... 4
- Deseret News, KSL want court records in... 3
- Historic solar flight marks first... 1
- Michelle Singletary: Tying the knot... 1