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Citigroup tops forecasts
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January 25, 1999: 8:27 a.m. ET
Financial services firm cites improved world markets, reorganization
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NEW YORK (CNNfn) - A reorganized global business division and a partial rebound in world business helped Citigroup Inc.'s fourth-quarter earnings beat Wall Street estimates Monday.
Citigroup Inc. (C) said its earnings for the period were $1.4 billion, or 60 cents per diluted share. Analysts polled by First Call expected the New York-based financial services giant to post 56 cents per share.
The 1998 total includes a special charge of $703 million. Excluding the charge, earnings were off about 52 percent to $677 million, or 28 cents a share.
The fourth-quarter 1998 net income also includes $65 million of one-time expenses associated with merging Citigroup's predecessor organizations and $42 million of reductions in 1997 charges for the Citigroup cost-management and customer services steps, and the Salomon Inc. merger.
The company reported fourth-quarter earnings in 1997 of $1.9 billion or 80 cents per diluted share.
Citigroup, which announced plans to merge with Travelers Group Inc. last year, said core income for 1998 was $6.3 billion, or $2.66 per diluted share, compared with $7.8 billion, or $3.18 diluted share, in 1997.
Net income totaled $5.8 billion compared with 1997 net income of $6.7 billion. Citigroup shares were down 13/16 Friday at 51-5/8. 
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Citigroup
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