Goldman reports $1.8 billion profit
The big investment firm also sets plans to sell $5 billion in stock, paving the way for it to repay its TARP loans.
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By Colin Barr, senior writer
April 13, 2009: 4:25 PM ET
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CEO Lloyd Blankfein has much to smile about after hiis firm reported better-than-expected first quarter results.
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NEW YORK (Fortune) -- Goldman Sachs reported a much stronger-than-expected first-quarter profit Monday, bouncing back from its worst quarter as a public company.
Goldman (GS, Fortune 500) also said it planned to raise $5 billion through a sale of stock, amid chatter on Wall Street that the firm may soon become the first big bank to repay the huge federal loans extended during last fall's financial sector meltdown.
The New York-based investment firm, which reported its results a day earlier than expected, said it earned $1.81 billion, or $3.39 a share, for the quarter ended March 31. Analysts surveyed by Thomson Financial were looking for a profit of $1.64 a share.
Goldman shares, which have surged more than 70% during the past month, continued rising late Monday, gaining about 4.7% for the day. Shares were unchanged in after-hours trading.
With the results, Goldman (GS, Fortune 500) bounced back decisively from the last quarter of 2008, when it posted its only quarterly loss since becoming a public company in 1999.
The firm said the latest quarter's gains were driven by big profits in its fixed income business, where revenue surged to $6.56 billion - 34% above the previous record.
"Given the difficult market conditions, we are pleased with this quarter's performance," said CEO Lloyd Blankfein in a statement.
Goldman's results come on the heels of last week's announcement from Wells Fargo (WFC, Fortune 500) that its first-quarter earnings would be much stronger-than-expected, and just ahead of reports scheduled later this week from JPMorgan Chase (JPM, Fortune 500) and Citigroup (C, Fortune 500).
Goldman's numbers aren't comparable with the results of its fiscal 2008 first quarter, because the first quarter marks the first full period since Goldman and rival Morgan Stanley (MS, Fortune 500) became bank holding companies. They made that shift last fall, in a bid to ease investor concerns about their access to funding.
As a result of their changed status, both firms committed to report their financial results on a calendar-year basis -- a departure from their previous practice of using a fiscal year that ended in November. To top of page |
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