October 16, 2013 in Business

Citigroup earnings miss estimates

 

NEW YORK – Citigroup said its earnings fell slightly in the third quarter as lower expenses weren’t enough to offset a drop in revenue.

Net income for the July-to-August period fell to $3.26 billion from $3.27 billion in the same period a year ago after excluding an accounting gain and other one-time items.

That amounts to $1.02 per share compared with $1.06 per share last year. Wall Street analysts who follow the stock had predicted earnings of $1.05 for the quarter, according to data provider FactSet.

“While many of the factors which influence our revenue are not within our full control, we certainly can control our costs,” Citigroup CEO Michael Corbat said in a statement.

Revenue fell to $18.2 billion compared with $19.2 billion a year ago. Analysts had expected $17.9 billion.

Citigroup’s stock fell 65 cents, or 1 percent, to $48.95.

Associated Press

Editor’s note: Wheat price reports from Portland are unavailable during the government shutdown.


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