$GS Posts $4.29 Per Share vs Consensus of $3.87, Company Sees Global Headwinds

“The Goldman Sachs Group, Inc. (GS) today reported net revenues of $10.09 billion and net earnings of $2.26 billion for the first quarter ended March 31, 2013. Diluted earnings per common share were $4.29 compared with $3.92 for the first quarter of 2012 and $5.60 for the fourth quarter of 2012. Annualized return on average common shareholders’ equity (ROE) ⁽¹⁾ was 12.4% for the first quarter of 2013.

Highlights

• Goldman Sachs continued its leadership in investment banking, ranking first in worldwide completed mergers and acquisitions for the year-to-date. ⁽²⁾
• The firm ranked first in worldwide equity and equity-related offerings, common stock offerings and initial public offerings for the year-to-date. ⁽²⁾
• Debt underwriting produced record quarterly net revenues of $694 million.
• Book value per common share and tangible book value per common share ⁽³⁾ bothincreased approximately 3% during the quarter to $148.41 and $138.62, respectively.
• The firm continues to manage its liquidity and capital conservatively. The firm’s global core excess liquidity ⁽⁴⁾ was $174 billion ⁽⁵⁾ as of March 31, 2013. In addition, the firm’s Tier 1 capital ratio ⁽⁶⁾ was 14.4% ⁽⁵⁾ and the firm’s Tier 1 common ratio ⁽⁷⁾ was 12.7% ⁽⁵⁾ as of March 31, 2013, in each case under Basel 1 and reflecting the revised market risk regulatory capital requirements which became effective on January 1, 2013.

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“We are pleased with our performance for the quarter,” said Lloyd C. Blankfein, Chairman and Chief Executive Officer. “Our strong client franchise across our businesses drove generally solid results. Still, the potential for macro-economic instability was felt in the quarter and constrained overall corporate and investor activity. We continue to be very focused on controlling our costs and efficiently managing our capital.”

Net Revenues….”

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