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Goldman Sachs Group Inc. (GS) released its first quarter earnings report on Monday, April 14. The company topped analysts’ expectations, causing the investment firm’s shares to climb 2% after the release of the report.
Revenue came in at $15.06 billion during the first quarter, up 6% from revenue of $14.21 billion at this time last year. The results exceeded analysts’ expectations of $14.77 billion for the quarter.
“Our strong results this quarter have demonstrated that in times of great uncertainty, clients turn to Goldman Sachs for execution and insight,” said Goldman Sachs CEO, David Solomon. “While we are entering the second quarter with a markedly different operating environment than earlier this year, we remain confident in our ability to continue to support our clients.”
The company reported net income of $4.74 billion for the quarter or $14.12 per adjusted share. This was up from $4.13 billion or $11.58 per adjusted share reported in the same quarter last year.
Goldman Sachs’ Asset and Wealth Management segment generated revenue of $3.68 billion during the quarter, 3% lower compared to the same quarter last year. The decrease was driven by lower net revenues in Equity investments and Debt investments, partially offset by higher Management fees. The company’s Global Banking and Markets segment revenue grew 10% to $10.71 billion. Goldman Sachs saw an 11% increase during the year of assets under supervision to reach a record high of $3.17 trillion.
Goldman Sachs Group Inc. (GS) shares ended the week at $509.49 relatively unchanged for the week.
Bank of America Corporation (BAC) released its first quarter earnings report on Tuesday, April 15. The banking firm’s shares rose by 4% following the release of the report.
Revenue came in at $27.4 billion during the first quarter, up 6% from revenue of $25.8 billion at this time last year. The results exceeded analysts’ expectations of $26.99 billion for the quarter.
“Our business clients have been performing well; and consumers have shown resilience, continuing to spend and maintaining healthy credit quality,” said Bank of America CEO, Brian Moynihan. “Though we potentially face a changing economy in the future, we believe the disciplined investments we have made for high-quality growth, our diverse set of businesses, and the team’s relentless focus on Responsible Growth will remain a source of strength.”
The company reported net income of $7.4 billion for the quarter or $0.90 per adjusted share. This is up from $6.7 billion or $0.76 per adjusted share in the same quarter last year.
Bank of America’s Consumer Banking segment generated revenue of $10.5 billion during the quarter, a 3% improvement from $10.2 billion in the same quarter last year. The segment added over 250,000 net new consumer checking accounts, marking the twenty-fifth quarter of consecutive growth. The company’s Global Wealth and Investment Management segment garnered revenue of $6.0 billion, an 8% increase from $5.6 billion reported a year ago. The segment Experienced Client Balances increased 5% to $4.2 trillion, driven by higher market valuations and positive net client flows.
Bank of America Corporation (BAC) shares ended the week at $37.41, up 3% for the week.
Albertsons Companies, Inc. (ACI) reported its fourth quarter and full year earnings on Tuesday, April 15. The grocery company’s shares fell by over 6% after the company reported lower-than-expected profit for the quarter.
The company reported net sales of $18.80 billion for the quarter. This is up from $18.34 billion reported at the same time last year and higher than analysts’ expectations of $18.65 billion. For the full year, revenue came in at $80.39 billion, up from $79.24 billion reported last year.
“We delivered solid results in the fourth quarter and closed fiscal 2024 with positive momentum as we continued to invest in our Customers for Life strategy,” said Albertsons’ CEO, Vivek Sankaran. “This strategy has firmly positioned the Company for its next chapter of growth and value creation for shareholders.”
The company reported net income of $171.8 million or $0.29 per adjusted share. This was a decrease from the same quarter last year when Albertsons reported net income of $250.5 million or $0.43 per adjusted share. Full-year net income came in at $958.6 million, compared to $1.30 billion one year ago.
Albertsons saw a 2.3% increase in identical sales driven by strong growth in pharmacy sales. Digital sales increased by 24% and the number of loyalty members grew by 15% to 45.6 million members. Albertsons’ gross margin rate decreased to 27.4% compared to 28.0% during the fourth quarter of last year. Albertsons’ CEO, Vivek Sankaran will retire in May 2025, and Susan Morris, currently the company’s Chief Operating Officer, has been selected by the Board to succeed him as CEO. For fiscal 2025, the company expects earnings per share to be between $2.03 and $2.16 and identical sales growth in the range of 1.5% to 2.5%. Albertsons’ Board of Directors declared a quarterly cash dividend of $0.15 per common share payable on May 9, 2025, to stockholders of record on April 25, 2025.
Albertsons Companies, Inc. (ACI) shares ended the week at $21.71, relatively unchanged for the week..
The Dow started the week of 4/14 at 40,546 and closed at 39,142 on 4/17. The S&P 500 started the week at 5,442 and closed at 5,283. The NASDAQ started the week at 17,120 and closed at 16,286.
Treasury yields edged down throughout the week as the markets weighed in on the latest retail sales data showing consumer spending remained robust. Yields continued to decline toward the end of the week, even as a drop in unemployment claims pointed to ongoing strength in the U.S. labor market.
On Thursday, the Commerce Department reported that retail sales for March rose 1.4%. This exceeded Wall Street’s projections of a 1.2% increase and was higher than the 0.2% increase experienced in February. Sales, excluding auto and gas, showed an increase of 0.5%, also surpassing analysts’ expectations of a 0.3% increase.
“Net, net, these are simply blow out numbers on March retail sales where the rush is on like this is one gigantic clearance sale,” said Chief Economist at FWDBONDS, Chris Rupkey. “Consumers are expecting sharply higher prices the next year and are clearing the store shelves and picking up bargains while they can.”
The benchmark 10-year Treasury note yield opened the week of April 14 at 4.49% and traded as low as 4.27% on Wednesday. The 30-year Treasury bond opened the week at 4.87% and traded as low as 4.73% on Wednesday.
On Thursday, the U.S. Department of Labor reported that initial claims for unemployment decreased by 9,000 to 215,000 for the week ending April 12. The reported claims were below analysts’ expectations of 225,000. Continuing claims rose by 41,000 to 1.89 million.
“Overall, the claims report does not show any current evidence of layoffs materializing,” said U.S. economist at Jefferies LLC, Thomas Simons. “Despite very negative business sentiment and the actions taken and recommended by the [Department of Government Efficiency], we do not see evidence that businesses are reducing headcount in any significant scale."
The 10-year Treasury note yield finished the week of April 14 at 4.33% while the 30-year Treasury note yield finished the week at 4.80%.
Freddie Mac released its latest Primary Mortgage Market Survey on Thursday, April 17. The survey showed mortgage rates inched up after multiple weeks of decline but still below 7%.
This week, the 30-year fixed mortgage rate averaged 6.83%, up from last week’s average of 6.62%. Last year at this time, the 30-year fixed mortgage rate averaged 7.1%.
The 15-year fixed mortgage rate averaged 6.03% this week, up from last week’s average of 5.82%. During the same week last year, the 15-year fixed mortgage rate averaged 6.39%.
“The 30-year fixed-rate mortgage ticked up but remains below the 7% threshold for the thirteenth consecutive week,” said Freddie Mac’s Chief Economist, Sam Khater. “At this time last year, rates reached 7.1% while purchase application demand was 13% lower than it is today, a clear sign that this year’s spring homebuying season is off to a stronger start.”
Based on published national averages, the savings rate was 0.41% as of 3/17. The one-year CD averaged 1.78%.
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