Have you been eager to see how Citigroup (C – Free Report) performed in Q1 in comparison with the market expectations? Let’s quickly scan through the key facts from this New York-based money center bank’s earnings release this morning:
An Earnings Beat
Citigroup came out with earnings per share of $1.68, surpassing the Zacks Consensus Estimate of $1.61. Further, the figure compared favorably with earnings of $1.35 in the prior-year quarter.
Improvement in earnings was primarily driven by higher revenues.
How Was the Estimate Revision Trend?
You should note that the earnings estimate for Citigroup depicted optimistic stance prior to the earnings release. The Zacks Consensus Estimate increased 1.3% over the last seven days.
Also, Citigroup has a decent earnings surprise history. Before posting earnings beat in Q1, the company also delivered positive surprises in the prior four quarters. Overall, the company surpassed the Zacks Consensus Estimate by an average of 7.45% in the trailing four quarters.
Citigroup Inc. Price and EPS Surprise
Revenue Came in Line
Citigroup’s revenues of $18.87 billion were marginally below the Zacks Consensus Estimate of $18.90 billion. Nonetheless, revenues increased 3% year over year.
What Zacks Rank Says
The estimate revisions that we discussed earlier have driven a Zacks Rank #3 (Hold) for Citigroup. However, since the latest earnings performance is yet to be reflected in the estimate revisions, the rank is subject to change. While things apparently look favorable, it all depends on what sense the just-released report makes to the analysts.