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JPM Misses Revenues And EPS Due To Another $ 1 Billion In Legal Costs
from Zero Hedge
Looks like the Jefferies earnings harbinger were right, because with another quarter down, and here is another painful report by JPM, which just launched the Q4 earnings season for financials with a miss on both the top and bottom line, reporting $1.19 in EPS, well below the $1.32 consensus, and just barely above the lower estimate of $1.16. This was a decline from both the previous quarter (by 17 cents) and from a year ago (by 11 cents). Revenues missed as well, with JPM reporting $23.552 billion in top line, a decline of $560 million from a year ago ($1.6 billion lower than Q3), and below the $24.0 billion consensus. And while JPM’s latest recurring, non-one time “one-time, non-recurring” charge came as a surprise to most (although how over $30 billion in legal charges can be considered one-time is beyond us), at the same time JPM once again resorted to the oldest trick in the book, taking the benefit of some $704 million in loan loss reserve releases, nearly offsetting the entire negative impact of the legal charge.
Continue Reading at ZeroHedge.com…
Source: http://financialsurvivalnetwork.com/2015/01/jpm-misses-revenues-and-eps-due-to-another-1-billion-in-legal-costs/?utm_source=rss&utm_medium=rss&utm_campaign=jpm-misses-revenues-and-eps-due-to-another-1-billion-in-legal-costs
