Notable Earning Reports: Bank of America, BlackRock, Johnson & Johnson

Notable Earning Reports: Bank of America, BlackRock, Johnson & Johnson


Bank of America turned volatile after the announcement of quarterly results above expectations. The title of the bank first plunged 3% in session before returning to the green later. Like most of its competitors, BoA saw its trading income drop in the first three months of the year, but the institution posted net interest income up 9.7%. Its net income stood at $6.87 billion, or $0.70 per share, against $6.49 billion or 62 cents a year ago. Net banking income remained almost stable at $23 billion. The consensus was $0.66 for revenues of $23.3 billion.

BlackRock, the world leader in asset management, dropped slightly before trading on Wall Street on Tuesday, following the publication of contrasting quarterly accounts. The group, however, beat the consensus in terms of profits. Net capital inflows on its institutional funds totaled $29.1 billion in the first quarter, almost ten times the increase observed at the same time, a year earlier. Total net capital inflows on all types of products were $64.7 billion, up 14% year-over-year.

Net profit attributable to the group amounted to $1.05 billion or $6.61 per share for the quarter ended March 2019, compared to $1.09 billion a year earlier. The consensus was about $6.1. GAAP quarterly revenues were $3.35 billion, compared with $3.58 billion a year earlier.

Johnson & Johnson gained ground as the US pharmaceutical and medical conglomerate beat the market expectations. In the process, J & J has revised up its annual sales forecast. In the recent quarter, revenues totaled just over $20 billion, including Darzalex and Imbruvica treatments, compared to $19.6 billion consensus. Net income fell 14% to $3.75 billion. Adjusted earnings per share were $2.10, compared to $2.03 consensus.

For the full year, adjusted operating income is expected to grow by 2.5 to 3.5%, compared to a previous range of 2 to 3%.