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FleetBoston beats forecast
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April 13, 2000: 9:55 a.m. ET
Non-interest revenue shows strong gain; First Union meets 1Q estimates
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NEW YORK (CNNfn) - FleetBoston Financial Corp. beat first-quarter earnings estimates Thursday while another major East Coast bank, First Union Corp., met forecasts for the period.
FleetBoston earnings, excluding special items, totaled $808 million, or 87 cents a diluted share. Analysts surveyed by earnings tracker First Call forecast the company to earn 80 cents in the period. A year earlier, the company had net income of $661 million, or 68 cents a share.
 Including special items related to the merger of Bank Boston and Fleet Financial and the sale of $4 billion in loans and deposits in order to clear the way for that deal, net income totaled $957 million, or $1.03 a diluted share, in the most recent period.
Revenue excluding the divestitures came to $4.1 billion in the quarter, up from $3.2 billion a year earlier. Net interest income edged up 2 percent to $1.7 billion, but non-interest income gained 51 percent to $2.4 billion, driven by gains from capital markets and investment services.
Shares of FleetBoston (FBF: Research, Estimates) fell 3/16 to 38-5/16 in trading Wednesday.
First Union meets expectations
Charlotte, N.C.-based First Union earned $838 million, or 85 cents a diluted share, in line with the forecast of analysts surveyed by earnings tracker First Call.
A year earlier the company earned $965 million, or $1.00 a share, but that included a 12 cent a share after-tax gain on the sale of its interest in Electronic Payment Systems, so the proper comparison number is 88 cents a share for the year-earlier number, the bank said.
Shares of First Union (FTU: Research, Estimates) gained 29/32 to 36-11/16 in trading Wednesday. 
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FleetBoston
First Union
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