Citigroup Q4 2017 earnings results just out 16 Jan
- Adj EPS $1.28 vs $1.19 exp
- revenue $17.26bln vs $17.23bln exp
- net loss for the fourth quarter 2017 of $18.3 billion
- for the full year 2017, Citigroup reported a net loss of $6.2 billion on revenues of $71.4 billion, compared to net income of $14.9 billion on revenues of $69.9 billion for the full year 2016.
- Excluding the impact of Tax Reform, Citigroup net income of $15.8 billion increased 6% compared to the prior year.
Further to my original post I've now dug out the details and it looks a little different
Say Citi:
- Citigroup Inc. today reported a net loss for the fourth quarter 2017 of $18.3 billion, or $7.15 per diluted share, on revenues of $17.3 billion. This compared to net income of $3.6 billion, or $1.14 per diluted share, on revenues of $17.0 billion for the fourth quarter 201
- The net loss of $18.3 billion, or $7.15 per share, included an estimated one-time, non-cash charge of $22 billion, or $8.43 per share, recorded in the tax line withinCorporate / Other, related to the enactment of the Tax Cuts and Jobs Act (Tax Reform)7. This charge is comprised of $19 billion related to the re-measurement of Citi's deferred tax assets (DTA) arising from a lower U.S. corporate tax rate and shift to a territorial tax regime, and $3 billion related to the deemed repatriation of unremitted earnings of foreign subsidiaries.
- Excluding the impact of Tax Reform, net income of $3.7 billion increased 4% from the prior year period. Earnings per share increased 12% to $1.28, driven by the higher net income and a 7% reduction in average diluted shares outstanding.
Full report here
