|
J.P. Morgan beats forecast
|
 |
January 19, 1999: 10:16 a.m. ET
Earnings top estimates by 4 cents a share in 4Q; revenue down in quarter, year
|
NEW YORK (CNNfn) - J.P. Morgan & Co. Inc. Tuesday reported fourth-quarter operating earnings of $175 million, before an after-tax charge of $86 million.
J.P. Morgan & Co. (JPM) said net income after the charge was $89 million, or 42 cents a share, topping estimates of 38 cents a share from First Call. A year earlier, Morgan earned $271 million.
For the year, operating earnings before non-recurring gains and charges totaled $1.065 billion, or $5.22 per share. Net income was $963 million, or $4.71 per share. That compares with $1.465 billion or $7.17 per share in 1997.
Fourth-quarter revenue of $1.504 billion was up 21 percent from the third quarter, excluding a non-recurring gain, but was 10 percent below the 1997 quarter.
For year, revenue excluding non-recurring gains was $6.768 billion, down 6 percent from $7.220 billion in 1997.
"The market crisis in the second half hurt the year's results," said Douglas A. Warner III chairman. "We nevertheless saw solid advances in investment banking, equities, and asset management, a recovery of markets activities at the end of the year, and progress on credit and productivity initiatives all of which are key to achieving performance gains."
Morgan shares were up 1-5/16 early Monday at 110-1/16. 
|
|
|
|
|
|
J.P. Morgan & Co. Inc.
|
Note: Pages will open in a new browser window
External sites are not endorsed by CNNmoney
|
|
|
|
 |
|
