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S&P 500 (NYSE:SPY) component JPMorgan Chase & Co. (NYSE:JPM) reported net income above Wall Street’s expectations for the second quarter. J.P. Morgan Chase is a global securities, investment banking and retail banking firm with operations worldwide.
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JPMorgan Chase & Co. Earnings Cheat Sheet
Results: Net income for JPMorgan Chase & Co. rose to $5.71 billion ($1.40 per share) vs. $4.26 billion ($1.02 per share) in the same quarter a year earlier. This marks a rise of 34% from the year-earlier quarter.
Actual vs. Wall St. Expectations: JPMorgan Chase & Co. beat the mean analyst estimate of $1.16 per share.
Quoting Management: Jamie Dimon, Chairman and Chief Executive Officer, commented on financial results: “The Firm reported strong performance across all our businesses in the third quarter of 2012. Revenue for the quarter was $25.9 billion, up 6% compared with the prior year, or 16% before the impact of DVA. These results reflected continued momentum in all our businesses.”
The company has now topped analyst estimates for the last three quarters. It beat the mark by 43 cents in the first quarter and by 14 cents in the fourth quarter of the last fiscal year.
Looking Forward: Over the past ninety days, the average estimate for the third quarter has fallen from $1.25 per share to $1.11, indicating that analysts are growing pessisimistic about the company’s performance next quarter. The average estimate for the fiscal year is $4.62 per share, down from $5 ninety days ago.
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(Company fundamentals provided by Xignite Financials. Earnings estimates provided by Zacks)
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