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Tuesday earnings flood
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January 20, 1998: 10:54 a.m. ET
Corporations pour out quarterly reports; J.P. Morgan disappoints
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NEW YORK (CNNfn) - A spate of corporate reports is pouring in Tuesday, slaking a thirst for earnings news left by the holiday.
Here is a list of companies expected to report and those that already have done so.
Reported
Citicorp (CCI): Bank and savings and loan holding company.
Actual fourth-quarter earnings per share: $2.20.
First Call estimate: $2.18 per share.
Citicorp bested it earnings of $1.97 per share during the fourth quarter of last year despite admitting that financial turmoil in Southeast Asia reduced its 1997 fourth-quarter pretax results by $250 million.
J.P Morgan (JPM): Bank holding company.
Actual fourth-quarter EPS: $1.33. 
Estimated EPS: $1.57.
J.P. Morgan said that the weak Asian financial market hurt its credit revenues. During the fourth quarter it had credit revenues of $168 million versus $246 million during the same period last year.
Merrill Lynch (MER): Investment brokerage.
Actual fourth-quarter EPS: $1.17.
Estimated EPS: $1.18.
Merrill Lynch had net earnings during the fourth quarter of $466 million compared with $445 million a year earlier. Revenues were $3.9 billion versus $3.4 billion in fourth quarter 1996.
Continental Airlines (CAIA): U.S. and International airline.
Actual fourth-quarter EPS: 97 cents.
Estimated EPS: 88 cents.
Continental had fourth-quarter net income of $73 million compared with $47 million during the same quarter last year. Continental increased its capacity by 10 percent in 1997, faster than any other major U.S. airline.
Johnson & Johnson (JNJ): Consumer health-care products maker.
Actual fourth-quarter EPS: 47 cents.
Estimated EPS: 47 cents.
Johnson & Johnson said it had sales of $5.63 billion during the fourth quarter compared with $5.50 billion during fourth quarter 1996.0
PaineWebber (PWJ): Securities brokerage.
Actual fourth-quarter EPS: 68 cents.
Estimated EPS: 67 cents.
PaineWebber had fourth-quarter earnings of $108 million, up from $91 million during the fourth quarter of 1996.
Banc One (ONE): Bank holding company.
Actual fourth-quarter EPS: 79 cents.
Estimated EPS: 79 cents.
Banc One merged with First Commerce last October in a deal worth $3 billion. During the fourth quarter of 1997, it earned $474.8 million and had full-year 1997 earnings of $1.3 billion or $2.19 per share.
Boise Cascade (BCC): Paper manufacturer.
Actual fourth-quarter EPS: 2 cents.
Estimated EPS: a loss of 11 cents.
Boise Cascade reported a fourth-quarter net income of $7.2 million compared with a net income of $2.1 million, a loss of 16 cents per share, in the fourth quarter of 1996.
Chase Manhattan (CMB): Bank holding company.
Actual fourth-quarter EPS: $1.89.
Estimated EPS: $1.89.
Chase Manhattan's net income was $874 million, 5 percent higher than in the same 1996 quarter. Despite the drag of Asian financial troubles, the firm's net income from global banking in 1997 rose 11 percent to $2.47 billion.
Donaldson Lufkin & Jenrette (DLJ): Investment brokerage.
Actual fourth-quarter EPS: $1.53.
Estimated EPS: $1.45.
Donaldson Lufkin & Jenrette had fourth-quarter net income of $101 million on revenues of $1.32 billion.
Lucent (LU): Communications equipment maker.
Actual first-quarter EPS: $1.72.
Estimated EPS: $1.52.
Lucent's strong fiscal first-quarter earnings of $1.12 billion were a 31 percent increase over the year-ago quarter.
Those figures exclude a one-time $427 million charge associated with the December acquisition of Livingston Enterprises and a one-time gain of $95 million associated with the October sale of the company's Advanced Technology Systems (ATS) business.
At the same time, Lucent said its chief executive and president, Richard McGinn, will become chairman in February.
Expected:
IBM (IBM): Computer equipment maker.
Estimated fourth-quarter EPS: $2.15.
IBM began a restructuring program in November that includes hundreds of layoffs at its North American sales and distribution operations.
Chevron (CHV): Oil and natural gas company.
Estimated fourth-quarter EPS: $1.00.
During the fourth quarter of 1996, Chevron had net income of $464 million, or 71 cents per share, including special charges totaling $221 million.
Ascend Communications (ASND): Networking equipment maker.
Estimated fourth-quarter EPS: 22 cents.
If Ascend meets analyst expectations, it still will be far behind the previous fourth-quarter earnings per share of 32 cents.
Bay Networks (BAY): Data networking products manufacturer.
Estimated fiscal second-quarter EPS: 26 cents.
Bay Networks had earnings per share of only 1 cent during the second quarter of last year.
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