09:54 ET
LLY Reaffirms FY11 EPS Guidance
Eli Lilly (LLY $35.55 -0.46) reported first quarter earnings of $1.24 per share, excluding non-recurring items, $0.08 better than the Thomson Reuters consensus of $1.16.
Revenues rose 6.4% year-over-year to $5.84 billion versus the $5.7 billion consensus.
This 6% revenue growth was comprised of an increase of 5% in volume and 1% due to the impact of foreign exchange rates. Pricing changes had a negligible impact on rev growth. Total revenue in the U.S. increased 1% to $3.076 billion primarily due to higher prices, partially offset by lower volume. Total revenue outside the U.S. increased 13% to $2.763 billion due to increased volume and, to a lesser extent, the positive impact of foreign exchange rates, partially offset by lower prices.
For the fiscal year 2011, the company reaffirmed earnings in the range of $4.15 to $4.30, excluding non-recurring items, versus $4.24 Thomson Reuters consensus. Cash flows are still expected to be sufficient to fund capital expenditures of between $800-900 mln, as well as anticipated business development activity and the company's dividend.
Revenues rose 6.4% year-over-year to $5.84 billion versus the $5.7 billion consensus.
This 6% revenue growth was comprised of an increase of 5% in volume and 1% due to the impact of foreign exchange rates. Pricing changes had a negligible impact on rev growth. Total revenue in the U.S. increased 1% to $3.076 billion primarily due to higher prices, partially offset by lower volume. Total revenue outside the U.S. increased 13% to $2.763 billion due to increased volume and, to a lesser extent, the positive impact of foreign exchange rates, partially offset by lower prices.
For the fiscal year 2011, the company reaffirmed earnings in the range of $4.15 to $4.30, excluding non-recurring items, versus $4.24 Thomson Reuters consensus. Cash flows are still expected to be sufficient to fund capital expenditures of between $800-900 mln, as well as anticipated business development activity and the company's dividend.
C Tops Q1 EPS Expectations by $0.01
Citigroup (C $4.47 +0.05) reported first quarter earnings of $0.10 per share, $0.01 better than the Thomson Reuters consensus of $0.09; Citigroup net income was $3.0 billion, compared to $1.3 billion in the fourth quarter and $4.4 billion in the first quarter 2010.
Revenues rose 7.4% year/year to $19.73 billion versus the $20.55 billion consensus. Revenues were down 22% q/q; The year over year decline was mainly driven by lower revenues in Fixed Income Markets and North America Regional Consumer Banking, as well as negative CVA. Citicorp revs of $16.5 billion were up 16% sequentially, driven by a 70% increase in Securities and Banking. Citi Holdings revs of $3.3 billion declined 17% sequentially, driven primarily by the impact of the asset transfer in Special Asset.
Citicorp generated 62% of its revenues and 72% of its net income from its international operations in the first quarter. Citicorp end of period loans grew 10% year-over-year, with 6% growth in consumer loans and 16% growth in corporate loans.
In the first quarter 2011, Citigroup transferred $12.7 billion of assets in the Special Asset Pool in Citi Holdings from HTM to trading. This transfer permits the sale of those assets, which have disproportionately higher risk-weightings under Basel III. The transfer resulted in a net $709 million pre-tax charge to revenues, from the recognition of $1.7 billion in pre-tax losses ($1.0 after-tax) which were previously reflected in accumulated other comprehensive income (AOCI), partially offset by $946 million of mark-to-market and realized gains on those assets.
Credit continued to improve during the quarter, as Citigroup net credit losses declined for the seventh consecutive quarter to $6.3 billion. In addition, the current quarter included a net $3.3 billion release of allowance for loan losses and unfunded lending commitments. Citigroup expenses of $12.3 billion were down 1% sequentially. Expenses increased 7% year over year reflecting higher legal and related costs, the impact of foreign exchange2, continued investment spending and increased business volumes, partially offset by productivity saves and a decline in Citi Holdings. Citigroup provisions for credit losses and for benefits and claims improved by $5.4 billion, or 63%, year over year to $3.2 billion. Consumer net credit losses declined 32% from the prior year period. Citi continued to improve its capital strength, with a Tier 1 Common ratio of 11.3%, book value per share of $5.85 and tangible book value per share of $4.69, each as of the end of the first quarter 2011.
Revenues rose 7.4% year/year to $19.73 billion versus the $20.55 billion consensus. Revenues were down 22% q/q; The year over year decline was mainly driven by lower revenues in Fixed Income Markets and North America Regional Consumer Banking, as well as negative CVA. Citicorp revs of $16.5 billion were up 16% sequentially, driven by a 70% increase in Securities and Banking. Citi Holdings revs of $3.3 billion declined 17% sequentially, driven primarily by the impact of the asset transfer in Special Asset.
Citicorp generated 62% of its revenues and 72% of its net income from its international operations in the first quarter. Citicorp end of period loans grew 10% year-over-year, with 6% growth in consumer loans and 16% growth in corporate loans.
In the first quarter 2011, Citigroup transferred $12.7 billion of assets in the Special Asset Pool in Citi Holdings from HTM to trading. This transfer permits the sale of those assets, which have disproportionately higher risk-weightings under Basel III. The transfer resulted in a net $709 million pre-tax charge to revenues, from the recognition of $1.7 billion in pre-tax losses ($1.0 after-tax) which were previously reflected in accumulated other comprehensive income (AOCI), partially offset by $946 million of mark-to-market and realized gains on those assets.
Credit continued to improve during the quarter, as Citigroup net credit losses declined for the seventh consecutive quarter to $6.3 billion. In addition, the current quarter included a net $3.3 billion release of allowance for loan losses and unfunded lending commitments. Citigroup expenses of $12.3 billion were down 1% sequentially. Expenses increased 7% year over year reflecting higher legal and related costs, the impact of foreign exchange2, continued investment spending and increased business volumes, partially offset by productivity saves and a decline in Citi Holdings. Citigroup provisions for credit losses and for benefits and claims improved by $5.4 billion, or 63%, year over year to $3.2 billion. Consumer net credit losses declined 32% from the prior year period. Citi continued to improve its capital strength, with a Tier 1 Common ratio of 11.3%, book value per share of $5.85 and tangible book value per share of $4.69, each as of the end of the first quarter 2011.
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