“AutoNation Inc. (SAH), the largest U.S. retailer of new cars and trucks, reported quarterly profit that beat analysts’ estimates as the housing and energy industries helped boost demand for vehicles.

First-quarter net income rose to $83 million from $73 million a year earlier, the Fort Lauderdale, Florida-based company said today in a statement. Profit from continuing operations climbed 21 percent to 68 cents a share, topping the 64-cent average estimate of 13 analysts surveyed by Bloomberg. Sales increased 12 percent to $4.1 billion.

AutoNation benefited from stabilization and recovery in the housing market, particularly in states such as California, Nevada, Arizona and Florida, Chief Executive Officer Mike Jackson said in a telephone interview. The retailer also is getting a boost from growth in the energy sector inTexas, as well as a broader U.S. auto market that Jackson forecasts will increase by about 1 million new-vehicle sales this year.

“Those three bright spots in the economy — energy, housing and automotive — all work for us,” Jackson said. “For the automotive recovery, we still think we’re in the early innings.”

AutoNation began to rename all of its mass-market brand franchises in the first quarter of this year after posting record profit for 2012. The dealership group’s non-luxury domestic and import franchises will use the AutoNation moniker.

The company has shifted about 30 percent of those franchises to names such as AutoNation Chevrolet of Pembroke Pines, a store between Miami and AutoNation’s headquarters in Fort Lauderdale. The franchise was previously Maroone Chevrolet of Pembroke Pines.

Marketing Costs….”

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“UnitedHealth Group says its first-quarter net income dropped 14 percent, as the health insurer’s medical costs climbed, and it booked a smaller gain due to leftover insurance claims.

The Minnetonka, Minn., insurer also says it still expects 2013 earnings to range between $5.25 and $5.50 per share.

In the three months that ended March 31, UnitedHealth earned $1.19 billion, or $1.16 per share. That’s down from $1.39 billion, or $1.31 per share, a year ago. Revenue rose 11 percent to $30.34 billion.

Analysts expect earnings of $1.14 per share on $30.54 billion in revenue.

The nation’s largest insurer booked a $280 million gain because claims left over from previous quarters came in lower than expected. That compares to a $530 million gain in last year’s quarter.”

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“American Express Co. (AXP), the biggest U.S. credit-card issuer by customer spending, reported a first- quarter profit that exceeded analysts’ estimates as consumers boosted purchases.

Net income rose 1.9 percent to $1.28 billion, or $1.15 a share, from $1.26 billion, or $1.07, a year earlier, the New York-based lender said yesterday in a statement. The average estimate of 25 analysts surveyed by Bloomberg was $1.12.

Chairman and Chief Executive Officer Kenneth I. Chenault, 61, is cutting about 5,400 jobs this year to contain expenses as AmEx rolls out products such as a prepaid card sold by Wal-Mart Stores Inc. to broaden the lender’s client base beyond more affluent credit and charge-card customers….”

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$LLTC put in good earnings, but gave horrible guidance and has helped the chip sector to sell off hard this morning….

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“Textron Inc. (TXT) cut forecasts for business-jet sales and group earnings for 2013 after first- quarter deliveries of the aircraft declined and profit missed analyst estimates.

The company now expects earnings per share from continuing operations of $1.90 to $2.10, versus a prediction in January of $2.10 to $2.30, and manufacturing-divison cash flow on that basis and before pension contributions of $400 million, compared with an earlier forecast of $500 million to $550 million…”

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“Bank of America Corp. reported a jump in first-quarter profit that missed analysts’ estimates as lower mortgage banking income slowed the firm’s turnaround. The shares dropped 3.3 percent in early New York trading.

Net income advanced to $2.62 billion, or 20 cents a share, from $653 million, or 3 cents, a year earlier, according to a statement today from the Charlotte, North Carolina-based company. The consensus of 25 analysts surveyed by Bloomberg had predicted 23 cents a share. Last year’s first-quarter profit was reduced by $4.8 billion in pretax-accounting charges.

Chief Executive Officer Brian T. Moynihan, 53, has sold more than $60 billion in assets, settled more than $40 billion in mortgage claims and repaired the bank’s balance sheet since taking over in 2010. He’s now focused on trimming $8 billion in annual expenses and adding revenue, which climbed 5.5 percent to $23.5 billion.

“Lower mortgage banking income and lower net gains on the sales of debt securities” weighed on results, the bank said in the statement. Excluding the impact of accounting charges, adjusted total revenue fell 8.4 percent from a year earlier to $23.9 billion.

The net loss at consumer real estate services widened to $1.31 billion from $1.14 billion a year earlier. Adjusted revenue slipped at the unit while noninterest expenses climbed 4.5 percent to $4.06 billion and margins narrowed, the bank said.

Biggest Banks…”

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“(Reuters) – No. 1 toymaker Mattel Inc reported stronger-than-expected first-quarter results, helped by tight cost controls and increased demand for American Girl and Monster High dolls.

The company, which is also known for its Barbie dolls and Hot Wheels cars, has raised prices globally and started making products for local consumption in countries such as Brazil and India to hold the line on costs.

Local production helps Mattel get products to stores faster and cut down on import duties and shipping costs, it told Reuters earlier this year.

During the quarter, net income rose to $38.5 million, or 11 cents a share, from $7.8 million, or 2 cents a share, a year earlier. Analysts on average were expecting a profit of 9 cents a share, according to Thomson Reuters I/B/E/S.

Smaller rival Hasbro Inc is due to report its quarterly results next week.

The first quarter is typically the least significant of the year in terms of sales for toy companies. They make more than a third of their annual revenue in the fourth quarter, which includes the all-important holiday selling season….”

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“(Reuters) – BNY Mellon Corp said on Wednesday that first-quarter revenue fell 1 percent as the world’s largest custody bank reported a loss due to a high-stakes tax battle with the U.S. Internal Revenue Service.

BNY Mellon’s net loss of $266 million, or 23 cents a share, reflected a U.S. Tax Court decision announced in February that triggered a previously announced $854 million charge against profits.

In the year-earlier quarter, BNY Mellon reported net income of $619 million, or 52 cents a share.

Excluding the tax-related charge, the bank earned 50 cents a share, missing the average analyst estimate by 2 cents, according to I/B/E/S Thomson Reuters.

Revenue totaled $3.61 billion, down 1 percent from a year ago. Bright spots included 10 percent gains in both investment management and performance fees, and foreign exchange trading.

Net interest revenue at the bank, however, fell 6 percent to $719 million, reflecting lower yields on reinvested securities and the elimination of interest on European Central Bank deposits.”

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“NEW YORK (AP) — Intel Corp., the world’s largest maker of chips for PCs, is remaining steadfast amid a drastic slowdown in computer sales.

Intel on Tuesday said it’s keeping its sales and margin forecasts for this year, even as first-quarter PC sales plunged 14 percent from a year ago, as measured by research firm IDC. The company is helped by rising shipments of chips for servers.

The Santa Clara, Calif., chipmaker also met analyst forecasts for the just-ended quarter. It earned $2 billion, or 40 cents per share, in the January to March period. That was down 27 percent from $2.74 billion, or 53 cents per share, a year ago.

Revenue was $12.6 billion, slightly below the midpoint of Intel’s own forecast range. The figure was down 2.3 percent from $12.9 billion a year ago….”

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“SAN FRANCISCO (AP) — Yahoo is making more money under CEO Marissa Mayer, even as the Internet company struggles to sell more of the ads that bring in most of its revenue.

The latest signs of earnings progress came Tuesday with the release of Yahoo’s first-quarter earnings report.

The numbers also show further signs of decay in Yahoo’s sales of display ads. On the plus side, Yahoo’s ad revenue tied to search results rose.

Investors seemed more worried about the downturn in Yahoo’s display advertising than the surge in the company’s earnings. Yahoo’s stock sank more than 3 percent after the results came out.

The negative reaction suggests that some investors may be losing their faith in Mayer, a respected executive who defected from Google Inc. to join Yahoo nine months ago….”

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“U.S. Bancorp (USB), the nation’s largest regional lender, said first-quarter profit rose 6.7 percent, matching analysts’ estimates, as the company set aside less for bad loans.

Net income climbed to $1.43 billion, or 73 cents a share, from $1.34 billion, or 67 cents, a year earlier, the Minneapolis-based bank said today in a statement. The average estimate of 32 analysts surveyed by Bloomberg was for 73 cents a share.

Banks have boosted earnings in the first quarter by cutting expenses as revenue growth wanes.JPMorgan Chase & Co. (JPM), the biggest U.S. lender, and Wells Fargo & Co. both relied on smaller loan-loss reserves and cost reductions to increase quarterly profit. Revenue at U.S. Bancorp, led by Chief Executive Officer Richard Davis, 55, declined 1.1 percent to $4.87 billion.

The lender’s first-quarter results “reflected our company’s continuing ability to perform against the backdrop of a slow-growth, uncertain economic environment,” Davis said in the statement.

According to 18 analysts surveyed by Bloomberg, revenue was estimated to climb to $5.03 billion from $4.93 billion a year earlier. The drop in net revenue was driven by a decline in noninterest income, which fell 3.3 percent to $2.17 billion. Mortgage banking revenue decreased 11 percent to $401 million…..”

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“NEW BRUNSWICK, N.J., April 16, 2013 /PRNewswire/ — Johnson & Johnson (JNJ)  today announced sales of $17.5 billion for the first quarter of 2013, an increase of 8.5% as compared to the first quarter of 2012.  Operational results increased 9.8% and the negative impact of currency was 1.3%.  Domestic sales increased 11.2%.  International sales increased 6.3%, reflecting operational growth of 8.7% and a negative currency impact of 2.4%.  Sales included the impact of the acquisition of Synthes, Inc., net of the divestiture of the DePuy trauma business, which contributed 5.7% to worldwide operational sales growth.

Net earnings and diluted earnings per share for the first quarter of 2013 were $3.5 billion and $1.22, respectively.  First quarter 2013 net earnings included after-tax special items of approximately $0.6 billion, primarily related to litigation expenses, as well as integration and transaction costs related to the acquisition of Synthes, Inc.  First quarter 2012 net earnings included a gain from an after-tax special item of approximately $0.1 billion as shown in the accompanying reconciliation of non-GAAP financial measures.  Excluding these special items, net earnings for the current quarter were $4.1 billion and diluted earnings per share were $1.44, representing increases of 8.0% and 5.1%, respectively, as compared to the same period in 2012.*

“We delivered solid first quarter results led by the success of many of our recently launched pharmaceutical products and the addition of Synthes to our orthopaedics business.  Also of note is the growth in our over-the-counter medicines business as we continue to make progress in returning a reliable supply of high quality products to our customers,” said Alex Gorsky, Chairman and Chief Executive Officer.  “Our investments to advance our pipelines and expand our global presence, along with the outstanding efforts of our talented people, will enable us to continue to deliver sustainable growth and meaningful innovations to patients and customers around the world.”

The Company confirmed its earnings guidance for full-year 2013 of $5.35 – $5.45 per share.  The Company’s guidance excludes the impact of special items….”

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“BlackRock, the world’s biggest money manager, said first-quarter earnings rose 10 percent as its exchange-traded funds drew client cash and assets increased.

Net income climbed to $632 million, or $3.62 a share, from $572 million, or $3.14, a year earlier, the New York-based company said today in a statement. Excluding certain items, BlackRock’s adjusted earnings of $3.65 a share beat the $3.57 average estimate of 20 analysts surveyed by Bloomberg.

Chief Executive Officer Laurence D. Fink, 60, has reorganized BlackRock’s senior leadership and last month announced 300 job cuts. Last year, BlackRock created a series of lower-fee ETFs to reverse a decline in its U.S. market share and in March announced a partnership with Fidelity Investments as it seeks to sell more ETFs directly to U.S. retail investors. BlackRock gathered $40.5 billion in the first quarter, boosting assets 3.8 percent to $3.9 trillion.

“This quarter is more broadly supportive of asset managers in general, with strong January flows for both ETFs and mutual funds,” Luke Montgomery, a research analyst at Sanford C. Bernstein & Co. in New York, said in an interview before the earnings were announced. “For BlackRock, the question is how much did they participate in the trend toward active equities.”

BlackRock announced results before the start of regular U.S. trading. The shares gained 28 percent this year through yesterday, compared with the 26 percent increase in the 20- member Standard & Poor’s index of asset managers and custody banks. The stock increased 24 percent in the first quarter, hitting $258.70 on March 20, at the time the highest ever.

BlackRock, which acquired Barclays Global Investors in December 2009 to expand into passive investments, offers actively managed stock and bond funds, the iShares exchange- traded funds, hedge funds and portfolios that use mathematical models…..”

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“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.

_____________

“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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“Solid 4% global volume growth

Global Trademark Coca-Cola volume growth of 3%

Worldwide share gains advance in both sparkling and still beverages

First Quarter 2013 Highlights

• Solid 4% first quarter global volume growth. Volume growth of 3% for Coca-Cola Americas and 5% for Coca-Cola International.
• Global sparkling beverage volume grew 3%, led by brand Coca-Cola, up 3%, and global still beverage volume grew 6% in the first quarter.
• First quarter reported net revenues declined 1%. Excluding the impact of currency and structural changes, net revenues grew 2% despite two fewer selling days in the quarter.
• First quarter reported operating income declined 4% and comparable currency neutral operating income grew 5%, in line with our expectations and reflecting the impact of two fewer selling days in the quarter.
• First quarter reported EPS was $0.39, down 13%, and comparable EPS was $0.46, up 5%, including a currency headwind of approximately 4%.
• The Company announces implementation of a new partnership model in the United States…..”

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“Citigroup Reports First Quarter 2013 Earnings Per Share of $1.23; $1.29 Excluding CVA/DVA1

Net Income of $3.8 Billion; $4.0 Billion Excluding CVA/DVA

Revenues of $20.5 Billion; $20.8 Billion Excluding CVA/DVA

Net Interest Margin Increased to 2.94%

Net Credit Losses of $3.0 Billion Declined 25% Versus Prior Year Period

Loan Loss Reserve Release of $652 Million versus $1.2 Billion in Prior Year Period

Utilized $700 Million of Deferred Tax Assets

Basel I Tier 1 Common Ratio of 11.8%, Reflecting New U.S. Market Risk Rules²
Estimated Basel III Tier 1 Common Ratio Increased to 9.3%³

Book Value Per Share Increased to $62.51
Tangible Book Value Per Share⁴ Increased to $52.35

Citigroup Deposits of $934 Billion Grew 3% versus Prior Year Period

Citicorp Loans of $539 Billion Grew 5% versus Prior Year Period

Citi Holdings Assets of $149 Billion Declined 29% from Prior Year Period and Represented 8% of Total Citigroup Assets at Quarter End”

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“SAN FRANCISCO, Apr 12, 2013 (BUSINESS WIRE) — Wells Fargo & Company WFC -1.01% :

— Continued strong financial results: — Record Wells Fargo net income of $5.2 billion, up 22 percent from first quarter 2012

— Record diluted earnings per share of $0.92, up 23 percent

— Revenue of $21.3 billion, compared with $21.6 billion

— Noninterest expense of $12.4 billion, down $593 million — 58.3 percent efficiency ratio, improved from 60.1 percent

— Pre-tax pre-provision profit (PTPP)(1) of $8.9 billion, up 2 percent

— Return on average assets (ROA) of 1.49 percent, up 18 basis points

— Return on equity (ROE) of 13.59 percent, up 145 basis points

— Continued loan and deposit growth: — Total average loans of $798.1 billion, up $29.5 billion from first quarter 2012 — Quarter-end loans of $800.0 billion, up $33.4 billion

— Quarter-end core loans(2) of $709.1 billion, up $50.8 billion

— Total average core deposits of $925.9 billion, up $55.4 billion from first quarter 2012 — Quarter-end core deposits of $939.9 billion, up $51.2 billion…”

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“JPMorgan Chase & Co. (JPM) said first- quarter profit rose 33 percent to an all-time high, beating analysts’ estimates as improving consumer credit quality allowed the bank to cut loan-loss reserves by $1.2 billion.

First-quarter net income climbed to $6.53 billion, or $1.59 a share, from $4.92 billion, or $1.19, in the same period a year earlier, the New York-based company said today in a statement. Twenty-eight analysts surveyed by Bloomberg estimated earnings per share of $1.39 adjusted for a one-time accounting item.

Earnings were buoyed by a drop in late payments as net charge-offs in the consumer bank fell 29 percent to $1.7 billion, allowing the firm to release loan-loss reserves into earnings. While mortgage volume jumped 37 percent, mortgage- banking net income dropped 31 percent to $673 million as record- lowinterest rates squeezed profits. Margins on lending declined to 2.37 percent from 2.61 percent a year earlier.

“We are seeing positive signs that the economy is healthy and getting stronger,” Chief Executive Officer Jamie Dimon, 57, said in the statement. “Housing prices continued to improve and new home purchases are also starting to come back.”

About $5.68 billion of JPMorgan’s record $21.3 billion in 2012 profit came from reserve releases as fewer consumers defaulted on their payments.

Bigger Release…”

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“Volkswagen AG (VOW), Europe’s biggest automaker, said global sales growth slowed in March and that headwinds in its home region are intensifying.

VW eked out a 0.2 percent rise in deliveries in March to 864,400 vehicles as robust demand in China and North America more than offset shrinking sales across Europe, the Wolfsburg, Germany-based carmaker said in a statement today. In the first two months of the year, VW vehicle deliveries rose 8.3 percent to 1.4 million.

“The data for March clearly show that the markets are becoming even more difficult,” Christian Klingler, VW’s sales chief, said in the statement.

Auto executives are forecasting a sixth straight annual decline for the industry in Europe this year as the region’s waning economy stifles demand for new cars….”

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“Infosys Ltd. (INFO), India’s second- largest software services exporter, plunged the most in 10 years in Mumbai trading after forecasting annual sales growth as slow as half the pace analysts estimated.

Infosys shares plummeted 21 percent to 2,296.65 rupees at the close, the biggest decline since April 2003. Bigger competitor Tata Consultancy Services Ltd. (TCS), which will report earnings on April 17, fell 1.6 percent and Wipro Ltd. (WPRO) dropped 4.8 percent. Infosys was the biggest loser on the S&P BSE Sensex, dragging the benchmark 1.6 percent lower.

An uneven global recovery poses a challenge for the information-technology services industry, Chief Executive Officer S.D. Shibulal said after the European Central Bank last month cut growth and inflation forecasts. Infosys said it charged customers less last quarter, underscoring concerns about the ability of service providers to raise prices.

“It is a real disaster for Infosys, primarily because of their low guidance along with their fourth-quarter revenue,” said Amar Mourya, a Mumbai-based analyst at India Nivesh Ltd. “Their confidence seems to be shaken with such a broad forecast, and visibility looks poor.”

The company, based in Bangalore, expects revenue to increase 6 percent to 10 percent in the year ending March 2014, it said. Analysts estimated sales at 454.7 billion rupees ($8.3 billion), up 12.7 percent, based on the average of 66 estimates compiled by Bloomberg. It didn’t provide an earnings per share forecast as the “unknowns are substantial,” Shibulal said in a conference call with analysts.

Spending Budgets…”

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