Corporate Earnings

Kimberly Redmond | |

UnitedHealth Group reported a drop in fourth quarter earnings, a decline the health insurance company partially attributed to COVID-19-related care costs.

On Wednesday, the Minnesota-based company reported a quarterly profit of $2.21 billion, a 37% decrease, but ahead of Wall Street's expectations. On a per-share basis, UnitedHealth's net income was $2.30 per share, or $2.52 after one-time adjustments.

Reuters | |

Procter & Gamble Co raised its full-year sales forecast for a second time on Wednesday as the consumer products giant benefited from a sustained high level of demand for its home care and cleaning products due to the COVID-19 pandemic.

The company’s shares rose 1% before the opening bell after the Cincinnati-based conglomerate also said it would buy back up to $10 billion worth of shares in fiscal 2021, compared to $7 billion to $9 billion it expected earlier.

Reuters | |

Morgan Stanley posted an about 57% rise in fourth-quarter profit on Wednesday, as the Wall Street bank’s trading business benefited from coronavirus-induced volatility in financial markets.

Net income applicable to common shareholders rose to $3.27 billion, or $1.81 per share, in the quarter ended Dec. 31, compared with $2.09 billion, or $1.30 per share, a year earlier.

Analysts had expected a profit of $1.27 per share, according to Refinitiv IBES data.

Kimberly Redmond | |

Although Halliburton ended 2020 with a nearly $3 billion loss for the year after demand for drilling work dried up during one of the worst oil busts in decades, company executives are hopeful they’re on the cusp of a rebound.

In its fourth-quarter earnings report released Tuesday, the Houston-based energy service firm said it had a net loss of $235 million, or $0.27 per share, during the last three months of 2020.

Kimberly Redmond | |

Bank of America posted lower-than-expected fourth quarter revenue and earnings that barely met expectations despite a nearly $1 billion bottom-line boost from releasing some of the cash it had set aside for loan losses. () 

In its report released Tuesday, the second-largest bank in the U.S. said revenue for the final three months of 2020 came in at $20.1 billion, 10% below the end the same period in 2019 and short of the $20.6 billion forecast by Wall Street analysts.

Reuters | |

Goldman Sachs Group Inc dwarfed estimates with a 153% jump in fourth-quarter profit on Tuesday, powered by another blowout performance at its core bond trading and underwriting business and an uptick in merger and acquisition activity.

The bank’s net earnings applicable to common shareholders rose to $4.36 billion in the quarter ended Dec. 31 from $1.72 billion a year ago. Earnings per share rose to $12.08 from $4.69 a year earlier.

Analysts had expected a profit of $7.47 per share on average, according to the IBES estimate from Refinitiv.

Reuters | |

Logitech International on Tuesday raised its annual forecasts and reported a more than three-fold jump in quarterly adjusted operating income, benefiting from a pandemic-driven boost in demand for work-from-home products and gaming accessories.

The computer peripherals maker is raising the 2021 outlook for sales growth and profit for the third time. It now expects sales growth for the full year at 57% to 60% in constant currency terms and adjusted operating income ...

Kimberly Redmond | |

Wells Fargo missed analyst estimates for the fourth quarter, impacted by further losses as a result of customer refunds for the bank's past scandals.

The lender posted earnings of $3 billion, or $0.64 a share, on revenue of $17.9 billion. Profits grew slightly higher than the fourth quarter of 2019, when they totaled $2.9 billion, but revenue was lower than the $19.8 billion posted on Dec. 31, 2019.

Wells Fargo noted that consumer loans are down 2%, but deposits are up 18%. Corporate loans have dropped 4%, along with a 19% decline in trading-related assets.

Kimberly Redmond | |

JPMorgan Chase & Co. posted better-than-expected fourth quarter earnings Friday, as it released some of its reserves earmarked to cover potential loan defaults by struggling businesses and households.

The New York bank’s net income rose 42% to $12.1 billion, or $3.79 per share, in the quarter ending Dec. 31. Its revenue increased 3% to $30.2 billion. During the fourth quarter, JP Morgan released $2.9 billion from its credit reserves, which added .72 cents to its earn...

Kimberly Redmond | |

Citigroup has begun drawing down some of the reserves set aside to cover defaulted loans, a move that helped the bank post a better-than-expect profit margin in 2020.

It its fourth-quarter earnings report released Friday, the New York bank reported it earned a profit of $4.63 billion, or $2.08 per share, down from $4.97 billion, or $2.15 per share, in the same period a year prior. For all of 2020, profit fell 41% to $11.37 billion.

Revenue declined 10% during the final three months to $16.5 billion, but for the year revenue remained flat at $74.3 billion.