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Yahoo! My Yahoo! Mail Yahoo! Search Search: Sign InNew User? Sign Up News Home - Help Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Search Search: Goldman Sachs posts forecast-busting earnings AFP - Tuesday, April 14 WASHINGTON (AFP) - - US banking giant Goldman Sachs took markets by surprise, announcing forecast-busting quarterly earnings and a massive five-billion-dollar share issue to help repay government aid. ADVERTISEMENT Goldman Sachs reported first-quarter net profit of 1.81 billion dollars with earnings per share of 3.39 dollars, sharply higher than 1.33 dollars per share forecast by most analysts. The profit came on the back of revenues of 9.43 billion dollars in the first quarter, which ended on March 27. Goldman, which reported its earnings just after the stock market close, kicked off the highly anticipated financial sector's earnings season early. It had previously scheduled its results before the stock market open Tuesday. Investors have been on tenterhooks awaiting the latest results from financial firms reeling from the global financial and economic crisis. US stocks staged a powerful rally Thursday, capping a fifth weekly gain, after leading bank Wells Fargo forecast a "record" three-billion-dollar profit in the first quarter, sparking hopes of a recovery in the sector. The markets were closed Friday for the Easter holiday and speculation swirled that Wells Fargo's rosy outlook did not necessarily augur "green shoots" of a turnaround. Goldman Sachs' earnings signaled the much-hoped for rebound may be at hand, analysts said. "Goldman Sachs hits the cover off the ball," analysts at 24/7 WallStreet.com said. "Maybe the recovery of the major banks and investment houses is not a mirage. Maybe it is the real deal," 24/7's Douglas McIntyre said. For the 2008 fourth quarter that ended November 28, Goldman posted a net loss of 2.12 billion dollars. "Given the difficult market conditions, we are pleased with this quarter's performance," Lloyd Blankfein, Goldman's chairman and chief executive, said in the statement. "Our results reflect the strength and diversity of our client franchise, the resilience of our business model and the dedication and focus of our people." In a separate statement after the market close, the bank announced it would put five billion dollars in common stock on the market to help it raise cash to repay a government rescue of 10 billion dollars. Goldman, one of the major US banks undergoing "stress tests" by federal authorities to determine their viability, said it hoped the capital raised would allow it to repay all of the public money injected through the Treasury's Troubled Asset Relief Program. "After the completion of the stress assessment, if permitted by our supervisors and if supported by the results of the stress assessment, Goldman Sachs would like to use the capital raised plus additional resources to redeem all of the TARP capital," the company said. Goldman and some other financial firms have indicated in recent weeks that they want to quickly pay back the federal funds because of the government conditions affecting their management. Its first-quarter results are not directly comparable to those of the 2008 first quarter, which ended in late February and saw net profit of 1.51 billion dollars. Goldman Sachs subsequently switched from a fiscal year that ended in November to a calendar year. The bank's net revenues in investment banking in the first quarter were 823 million dollars, 30 percent lower than the first quarter of 2008 and 20 percent lower than the fourth quarter of 2008. Earlier Monday, Goldman said it had raised approximately 5.5 billion dollars from investors, including from Asia and Europe, for a fund to acquire private-equity assets. Goldman shares fell 1.19 percent to 128.60 dollars in after-hours trading, despite the announcement of a 35 cents per common share dividend. The stock had closed 4.68 percent higher on the New York Stock Exchange at 130.15 dollars. JPMorgan Chase and Citigroup, other blue-chip members of the Dow Jones Industrial Average, are to report their earnings on Thursday and Friday, respectively. Email Story IM Story Printable View Blog This Recommend this article 1 user recommend Sign in to recommend this article » Most Recommended Stories » Enlarge Photo Men walk in and out of the Goldman Sachs headquarters building in 2008 in New York. US banking giant Goldman Sachs reported Monday a quarterly net profit that far exceeded market expectations and announced a massive five-billion-dollar share issue to help repay government aid. Most Popular – Top Stories Viewed Police nab Norwegian pair during high-speed sex US govt tells GM to prepare for bankruptcy filing Harry Potter actor arrested over cannabis find Mummies found in ancient Egypt burial chamber Swedish church unveils Lego Jesus statue for Easter View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Copyright © 2009 Yahoo! Southeast Asia Pte Ltd. (Co. Reg. No. 199700735D). All Rights Reserved. Privacy Policy - Terms of Service - Community - Intellectual Property Rights Policy - Help

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