The document summarizes JPMorgan Chase's financial results for 4Q08 and FY08. Some key points:
- Revenue for FY08 was $73.4 billion, down 2% from prior year. Credit costs rose sharply to $22.6 billion, up 145% from prior year. Expenses were $42.9 billion, up 3% from prior year.
- For 4Q08, revenue was $19.3 billion, up 6% from prior year. Credit costs more than doubled to $8.6 billion, up 172% from prior year. Expenses were $11 billion, up from $287 million prior year.
- The Investment Bank reported a net
JPMorgan Chase Second Quarter 2008 Financial Results Conference Callfinance2
The document reports JPMorgan Chase's financial results for the second quarter of 2008. It notes a net income of $2 billion, excluding $540 million in losses from Bear Stearns merger-related items. It also discusses increasing credit reserves, markdowns on leveraged lending and mortgage positions, and the completed acquisition of Bear Stearns on May 30, 2008. For the Investment Bank specifically, it provides revenue and net income numbers and notes strong performance in some areas but markdowns on leveraged lending and mortgage-related positions.
This document provides Citigroup's quarterly financial data supplement. It includes:
1) Financial summaries of Citigroup's income from continuing operations, net income, earnings per share, capital ratios, assets, and return on equity on a quarterly and annual basis.
2) Breakdowns of income from continuing operations by business segment and region, including Global Consumer, Global Corporate and Investment Bank, Private Client Services, and Global Investment Management.
3) Details on net revenues, income statements, and other financial metrics for Citigroup's business segments.
The supplement shows Citigroup's financial performance remained strong in the fourth quarter of 2003, with income from continuing operations up 96% from
The document provides a summary of a company's 3Q08 financial results. It highlights that revenue increased 5.2% year-over-year to R$1.226 billion, EBITDA grew 10.6% to R$350.6 million, and net income was R$117.6 million. Generation saw increases in energy sold and financial performance due to capacity growth. Distribution also increased energy sold despite market growth, with Escelsa's tariff adjustment positively impacting results. Expenses declined through reductions in provisions and third-party services. The financial result declined due to lower income and a negative foreign exchange impact.
JPMorgan Chase reported third quarter 2008 net income of $527 million, which included several significant items related to the Washington Mutual acquisition. Excluding merger-related items, net income was $1.167 billion. Revenue decreased 18% from the previous quarter to $16.088 billion, while credit costs increased 9% to $4.684 billion. Retail Financial Services reported net income of $247 million on total revenue of $4.875 billion, up 16% year-over-year, though credit costs increased due to higher loss estimates for home lending. The Investment Bank reported net income of $882 million on revenue of $4.035 billion, though results were impacted by $3.6 billion in
- Burlington Northern Santa Fe (BNSF) reported third quarter 2008 earnings of $2.00 per diluted share, up from $1.48 per diluted share in third quarter 2007.
- Freight revenues increased 21% to $4.77 billion compared to third quarter 2007, driven by improved yields and higher fuel surcharges of $570 million from increased fuel prices.
- Operating expenses were $3.70 billion compared to $3.07 billion in third quarter 2007, with fuel expenses rising $501 million due to higher fuel prices.
- BNSF operates one of the largest rail networks in North America and transports a variety of commodities and goods.
Citigroup reported financial results for the 4th quarter of 2008. Net income decreased 16% to a loss of $8.3 billion compared to a loss of $9.8 billion in 4th quarter 2007. Total revenues declined 13% to $5.6 billion. The provision for loan losses increased 66% to $12.7 billion due to higher credit costs. Total assets decreased 11% to $1.9 trillion and book value per share declined 35% to $14.70.
The document is Burlington Northern Santa Fe Corporation's 2nd Quarter 2001 Investors' Report. It summarizes that:
1) Earnings were $0.50 per diluted share compared to $0.53 per diluted share in the same period last year, with revenues remaining even despite 2% higher ton-miles.
2) Operating expenses were $65 million higher due to factors like flooding in the Midwest and higher fuel costs.
3) Operating income decreased to $428 million from $483 million last year, and the operating ratio increased to 80.9% from 78.4% last year.
The document provides an agenda and summary for a Merrill Lynch Banking & Financial Services Investor Conference. It includes the following:
1) An overview of JPMorgan Chase's 3Q08 results, noting declines in net income driven by higher credit costs, but revenue growth across most business lines.
2) Summaries of the Investment Bank and Retail Financial Services segments, highlighting improved trading results, higher deposits, but also increased credit costs and exposures to mortgage and leveraged lending.
3) Discussion of key risk exposures in mortgage-related assets and legacy leveraged lending, where significant reductions have occurred but challenges remain.
JPMorgan Chase Second Quarter 2008 Financial Results Conference Callfinance2
The document reports JPMorgan Chase's financial results for the second quarter of 2008. It notes a net income of $2 billion, excluding $540 million in losses from Bear Stearns merger-related items. It also discusses increasing credit reserves, markdowns on leveraged lending and mortgage positions, and the completed acquisition of Bear Stearns on May 30, 2008. For the Investment Bank specifically, it provides revenue and net income numbers and notes strong performance in some areas but markdowns on leveraged lending and mortgage-related positions.
This document provides Citigroup's quarterly financial data supplement. It includes:
1) Financial summaries of Citigroup's income from continuing operations, net income, earnings per share, capital ratios, assets, and return on equity on a quarterly and annual basis.
2) Breakdowns of income from continuing operations by business segment and region, including Global Consumer, Global Corporate and Investment Bank, Private Client Services, and Global Investment Management.
3) Details on net revenues, income statements, and other financial metrics for Citigroup's business segments.
The supplement shows Citigroup's financial performance remained strong in the fourth quarter of 2003, with income from continuing operations up 96% from
The document provides a summary of a company's 3Q08 financial results. It highlights that revenue increased 5.2% year-over-year to R$1.226 billion, EBITDA grew 10.6% to R$350.6 million, and net income was R$117.6 million. Generation saw increases in energy sold and financial performance due to capacity growth. Distribution also increased energy sold despite market growth, with Escelsa's tariff adjustment positively impacting results. Expenses declined through reductions in provisions and third-party services. The financial result declined due to lower income and a negative foreign exchange impact.
JPMorgan Chase reported third quarter 2008 net income of $527 million, which included several significant items related to the Washington Mutual acquisition. Excluding merger-related items, net income was $1.167 billion. Revenue decreased 18% from the previous quarter to $16.088 billion, while credit costs increased 9% to $4.684 billion. Retail Financial Services reported net income of $247 million on total revenue of $4.875 billion, up 16% year-over-year, though credit costs increased due to higher loss estimates for home lending. The Investment Bank reported net income of $882 million on revenue of $4.035 billion, though results were impacted by $3.6 billion in
- Burlington Northern Santa Fe (BNSF) reported third quarter 2008 earnings of $2.00 per diluted share, up from $1.48 per diluted share in third quarter 2007.
- Freight revenues increased 21% to $4.77 billion compared to third quarter 2007, driven by improved yields and higher fuel surcharges of $570 million from increased fuel prices.
- Operating expenses were $3.70 billion compared to $3.07 billion in third quarter 2007, with fuel expenses rising $501 million due to higher fuel prices.
- BNSF operates one of the largest rail networks in North America and transports a variety of commodities and goods.
Citigroup reported financial results for the 4th quarter of 2008. Net income decreased 16% to a loss of $8.3 billion compared to a loss of $9.8 billion in 4th quarter 2007. Total revenues declined 13% to $5.6 billion. The provision for loan losses increased 66% to $12.7 billion due to higher credit costs. Total assets decreased 11% to $1.9 trillion and book value per share declined 35% to $14.70.
The document is Burlington Northern Santa Fe Corporation's 2nd Quarter 2001 Investors' Report. It summarizes that:
1) Earnings were $0.50 per diluted share compared to $0.53 per diluted share in the same period last year, with revenues remaining even despite 2% higher ton-miles.
2) Operating expenses were $65 million higher due to factors like flooding in the Midwest and higher fuel costs.
3) Operating income decreased to $428 million from $483 million last year, and the operating ratio increased to 80.9% from 78.4% last year.
The document provides an agenda and summary for a Merrill Lynch Banking & Financial Services Investor Conference. It includes the following:
1) An overview of JPMorgan Chase's 3Q08 results, noting declines in net income driven by higher credit costs, but revenue growth across most business lines.
2) Summaries of the Investment Bank and Retail Financial Services segments, highlighting improved trading results, higher deposits, but also increased credit costs and exposures to mortgage and leveraged lending.
3) Discussion of key risk exposures in mortgage-related assets and legacy leveraged lending, where significant reductions have occurred but challenges remain.
George Buckley discusses innovation and growth at 3M. Some key points:
1) 3M had strong sales and earnings growth in Q1 2007, with all business posting sales increases.
2) Buckley outlines 3M's strategy of growing its core businesses, making complementary acquisitions, building new businesses, and focusing on international growth.
3) Buckley emphasizes the importance of innovation, efficiency gains, and focusing on customers to drive profitable growth.
This document provides financial results for Honeywell's 4th quarter and full year 2008. Some key highlights include:
- 6% sales growth and 19% EPS growth for the full year 2008, along with 110% free cash flow conversion.
- Segment profit declined 9% in 4Q 2008 due to weakness in Transportation Systems, though other segments like Aerospace and Automation & Control Solutions saw growth.
- 2009 guidance forecasts continued challenges with sales declining 8-4% and EPS declining 15-6% from difficult market conditions.
This document summarizes 3M's financial results for the fourth quarter and full year of 2008. It discusses declines in sales and profits compared to the previous year. Key steps taken to reduce costs included job cuts, furloughs, deferred pay increases, and reduced capital expenditures. Segment results are provided, with most business units experiencing sales declines. Challenges are expected to continue into 2009 due to the economic environment.
1) Burlington Northern Santa Fe reported record first quarter revenues of $3.54 billion, up 5% from the first quarter of 2006, despite flat freight volumes. Net income was $349 million or $0.96 per diluted share, compared to $410 million or $1.09 per diluted share in the prior year.
2) Operating expenses increased $281 million primarily due to an $81 million environmental and technology charge as well as higher fuel costs. Freight revenues increased in all major commodity groups due to rate increases and fuel surcharges.
3) Capital expenditures totaled $537 million for the quarter, with $311 million spent on track maintenance including rail, ties, and surfacing
- Baxter reported financial results for the second quarter and first half of 2005, with net sales increasing 8% for both periods compared to the prior year. Gross profit and operating income increased significantly due to special charges in the prior year that did not recur.
- Adjusted earnings figures, which exclude special items, showed higher operating income, net income, and EPS for both periods compared to the prior year.
- Cash flows from continuing operations for the quarter and first half of 2005 were positive. Net debt decreased from the beginning of the year due to positive cash flows, partially offset by capital expenditures, dividends, and other items.
This document summarizes Viacom's financial results for the second quarter and first half of 2008. Key highlights include:
- Revenues for Q2 2008 increased 21% to $3.9 billion and increased 18% to $7 billion for the first half.
- Operating income for Q2 2008 increased 13% to $792 million and increased 19% to $1.4 billion for the first half.
- Earnings per share from continuing operations for Q2 2008 increased 2% to $0.64 and increased 15% to $1.06 for the first half.
- Media Networks revenues increased 11% in Q2 2008 and 14% for the first half, driven by increases in affiliate fees
The document summarizes the financial results of a company for fiscal year 2008 and the fourth quarter of 2008. Some key points:
- For fiscal 2008, net income increased 7% to $168.5 million due to rate increases and higher transportation volumes, while O&M expenses also increased.
- Fourth quarter 2008 net income improved significantly from a loss in 2007, driven by higher distribution and marketing margins as well as increased transportation. However, O&M expenses also rose substantially for the quarter.
- Capital expenditures for the year totaled $472 million, with most spent on gas distribution and regulated transmission/storage systems.
Raytheon reported first quarter 2009 earnings on April 23, 2009. Net sales were $5.9 billion, up 10% from the first quarter of 2008. Earnings per share from continuing operations were $1.11, an increase of 21% over the previous year. Raytheon also increased its full-year 2009 guidance for sales, earnings per share, and return on invested capital.
Citigroup reported quarterly financial results for 4Q08. Net income decreased 16% to $8.3 billion compared to 4Q07. Total revenues decreased 13% to $5.6 billion due to declines in principal transactions and other revenue. The provision for loan losses increased 66% to $12.7 billion, reflecting higher net charge-offs. Total assets declined 11% to $1.9 trillion as trading account assets fell 29% and loans decreased 11%.
Citigroup reported financial results for the first quarter of 2002, with the following highlights:
- Core income increased 5% compared to first quarter 2001 to $3.859 billion. Net income increased 37% to $4.843 billion, helped by a gain on sale of stock by a subsidiary.
- Global Consumer segment saw increases in core income for Cards (2%), Consumer Finance (35%), and Retail Banking (29%) compared to first quarter 2001.
- Capital ratios improved, with Tier 1 capital ratio at 9.13% versus 8.56% in first quarter 2001, reflecting Citigroup's overall financial strength.
- Total assets were $1.057 trillion
This document summarizes Baxter International Inc.'s financial performance for the three months and twelve months ended December 31, 2008 and 2007. For the three month period, Baxter's net sales increased 4% to $3.1 billion while net income rose 19% to $569 million. Research and development expenses increased 2% to $226 million. For the full year, net sales increased 10% to $12.3 billion and net income grew 18% to $2 billion. However, restructuring and litigation charges impacted expenses. Excluding specified unusual items, adjusted net income increased 18% for the three months and 15% for the full year.
1) The document provides cautionary statements regarding Southern Company's forward-looking financial information for 2009, noting various factors that could cause actual results to differ from expectations.
2) It summarizes drivers of earnings growth between 2007 and 2008, and provides Southern Company's capital expenditure forecast and major projects for 2009-2011.
3) Southern Company aims for long-term average earnings per share growth of 6% annually and provides earnings per share guidance of $2.30 to $2.45 for 2009.
Citigroup reported financial results for the third quarter of 2008. Net income decreased significantly compared to the third quarter of 2007, dropping from $2.2 billion to a $2.8 billion loss. Total revenues declined 23% versus the prior year. The provision for loan losses increased 86% to $9.1 billion due to higher credit costs. Expenses rose modestly while assets and loans declined year-over-year. Overall, Citigroup experienced weak results across business segments as the financial crisis impacted performance.
The document is a transcript from Progress Energy's 4Q 2008 earnings call. It discusses Progress Energy's financial results for 4Q and full year 2008, highlights achievements that position the company well for 2009, and reviews major capital projects and regulatory initiatives. Progress Energy affirmed its 2009 ongoing earnings guidance of $2.95 to $3.15 per share. The call also provided updates on Florida rate filings and the Levy Nuclear Project.
1) Burlington Northern Santa Fe Corporation reported record first quarter 2008 earnings of $1.30 per diluted share, up from $0.96 per diluted share in the first quarter of 2007.
2) Freight revenues increased 17% to $4.14 billion driven by growth in agricultural, coal, and industrial volumes as well as higher fuel surcharges from increased fuel prices.
3) Operating expenses grew due to a $357 million increase in fuel costs from higher fuel prices, while operating income increased to $875 million.
burlington northern santa fe 4Q 2008 Investors Reportfinance16
This document provides an annual investors' report for Burlington Northern Santa Fe Corporation for 2008. Some key points:
- For Q4 2008, BNSF reported earnings of $1.79 per diluted share, a 23% increase over Q4 2007. Freight revenues increased 3% to $4.25 billion.
- For full year 2008, BNSF achieved earnings of $6.08 per diluted share, a 19% increase over 2007. Operating revenues increased 14% to $18 billion.
- Operating expenses increased $1.8 billion for the full year, primarily due to a $1.3 billion increase in fuel expenses from higher fuel prices.
- BNSF
- Alcoa reported income from continuing operations of $546 million or $0.66 per share for Q2 2008, an 80% increase over Q1 2008. Revenues increased 3% to $7.6 billion.
- Input costs continued to climb across the industry, with increases in caustic soda, calcined coke, fuel oil, and other materials. However, Alcoa saw double digit profit increases across all operating segments sequentially.
- Cash from operations exceeded $1 billion. The company repurchased $175 million in shares, reaching 10% of shares outstanding under the repurchase program. Global aluminum demand is expected to increase 7.9% in 2008 despite weakness in the US market.
This document is McKesson Corporation's quarterly report filed with the SEC for the quarter ended September 30, 2004. It includes condensed consolidated financial statements such as the balance sheet, income statement, and cash flow statement. It also includes notes to the financial statements and sections on risks, controls and procedures, legal proceedings, and other information.
McKesson provides concise summaries of their business in 3 sentences:
McKesson is a leading healthcare services and information technology company with the #1 market share in pharmaceutical distribution, automation solutions, and medical-surgical supplies. They leverage their scale across business units like Pharmaceutical Solutions, Information Solutions, and Medical-Surgical Solutions to improve clinical outcomes and reduce costs for customers through their "One McKesson" strategy of comprehensive offerings and services. McKesson reported solid financial results for Q2 and the first half of FY04 with revenue growth of 14% and 27% EPS growth, driven by strong performance in Pharmaceutical Solutions.
McKesson Corporation delivered solid financial results in fiscal year 2007. Revenues grew 7% to $93 billion and earnings per share grew 17% to $2.89. Each of McKesson's three business segments - Pharmaceutical Solutions, Medical-Surgical Solutions, and Provider Technologies - contributed to growth. McKesson made strategic acquisitions and investments totaling $1.9 billion to accelerate future growth. Looking ahead, McKesson is well-positioned for continued growth by leveraging its leadership positions in healthcare distribution and information technology.
The document is Morgan Stanley Dean Witter's 2000 annual report which summarizes the company's strong financial performance. It discusses record earnings of $5.5 billion, a 15% increase in diluted earnings per share to $4.73, and a return on equity of 31%. All three of the company's core business lines - securities, asset management, and credit services - achieved record net income for the year. The annual report emphasizes the company's focus on clients and leveraging its strengths to create a new financial services firm positioned for continued success in the future.
George Buckley discusses innovation and growth at 3M. Some key points:
1) 3M had strong sales and earnings growth in Q1 2007, with all business posting sales increases.
2) Buckley outlines 3M's strategy of growing its core businesses, making complementary acquisitions, building new businesses, and focusing on international growth.
3) Buckley emphasizes the importance of innovation, efficiency gains, and focusing on customers to drive profitable growth.
This document provides financial results for Honeywell's 4th quarter and full year 2008. Some key highlights include:
- 6% sales growth and 19% EPS growth for the full year 2008, along with 110% free cash flow conversion.
- Segment profit declined 9% in 4Q 2008 due to weakness in Transportation Systems, though other segments like Aerospace and Automation & Control Solutions saw growth.
- 2009 guidance forecasts continued challenges with sales declining 8-4% and EPS declining 15-6% from difficult market conditions.
This document summarizes 3M's financial results for the fourth quarter and full year of 2008. It discusses declines in sales and profits compared to the previous year. Key steps taken to reduce costs included job cuts, furloughs, deferred pay increases, and reduced capital expenditures. Segment results are provided, with most business units experiencing sales declines. Challenges are expected to continue into 2009 due to the economic environment.
1) Burlington Northern Santa Fe reported record first quarter revenues of $3.54 billion, up 5% from the first quarter of 2006, despite flat freight volumes. Net income was $349 million or $0.96 per diluted share, compared to $410 million or $1.09 per diluted share in the prior year.
2) Operating expenses increased $281 million primarily due to an $81 million environmental and technology charge as well as higher fuel costs. Freight revenues increased in all major commodity groups due to rate increases and fuel surcharges.
3) Capital expenditures totaled $537 million for the quarter, with $311 million spent on track maintenance including rail, ties, and surfacing
- Baxter reported financial results for the second quarter and first half of 2005, with net sales increasing 8% for both periods compared to the prior year. Gross profit and operating income increased significantly due to special charges in the prior year that did not recur.
- Adjusted earnings figures, which exclude special items, showed higher operating income, net income, and EPS for both periods compared to the prior year.
- Cash flows from continuing operations for the quarter and first half of 2005 were positive. Net debt decreased from the beginning of the year due to positive cash flows, partially offset by capital expenditures, dividends, and other items.
This document summarizes Viacom's financial results for the second quarter and first half of 2008. Key highlights include:
- Revenues for Q2 2008 increased 21% to $3.9 billion and increased 18% to $7 billion for the first half.
- Operating income for Q2 2008 increased 13% to $792 million and increased 19% to $1.4 billion for the first half.
- Earnings per share from continuing operations for Q2 2008 increased 2% to $0.64 and increased 15% to $1.06 for the first half.
- Media Networks revenues increased 11% in Q2 2008 and 14% for the first half, driven by increases in affiliate fees
The document summarizes the financial results of a company for fiscal year 2008 and the fourth quarter of 2008. Some key points:
- For fiscal 2008, net income increased 7% to $168.5 million due to rate increases and higher transportation volumes, while O&M expenses also increased.
- Fourth quarter 2008 net income improved significantly from a loss in 2007, driven by higher distribution and marketing margins as well as increased transportation. However, O&M expenses also rose substantially for the quarter.
- Capital expenditures for the year totaled $472 million, with most spent on gas distribution and regulated transmission/storage systems.
Raytheon reported first quarter 2009 earnings on April 23, 2009. Net sales were $5.9 billion, up 10% from the first quarter of 2008. Earnings per share from continuing operations were $1.11, an increase of 21% over the previous year. Raytheon also increased its full-year 2009 guidance for sales, earnings per share, and return on invested capital.
Citigroup reported quarterly financial results for 4Q08. Net income decreased 16% to $8.3 billion compared to 4Q07. Total revenues decreased 13% to $5.6 billion due to declines in principal transactions and other revenue. The provision for loan losses increased 66% to $12.7 billion, reflecting higher net charge-offs. Total assets declined 11% to $1.9 trillion as trading account assets fell 29% and loans decreased 11%.
Citigroup reported financial results for the first quarter of 2002, with the following highlights:
- Core income increased 5% compared to first quarter 2001 to $3.859 billion. Net income increased 37% to $4.843 billion, helped by a gain on sale of stock by a subsidiary.
- Global Consumer segment saw increases in core income for Cards (2%), Consumer Finance (35%), and Retail Banking (29%) compared to first quarter 2001.
- Capital ratios improved, with Tier 1 capital ratio at 9.13% versus 8.56% in first quarter 2001, reflecting Citigroup's overall financial strength.
- Total assets were $1.057 trillion
This document summarizes Baxter International Inc.'s financial performance for the three months and twelve months ended December 31, 2008 and 2007. For the three month period, Baxter's net sales increased 4% to $3.1 billion while net income rose 19% to $569 million. Research and development expenses increased 2% to $226 million. For the full year, net sales increased 10% to $12.3 billion and net income grew 18% to $2 billion. However, restructuring and litigation charges impacted expenses. Excluding specified unusual items, adjusted net income increased 18% for the three months and 15% for the full year.
1) The document provides cautionary statements regarding Southern Company's forward-looking financial information for 2009, noting various factors that could cause actual results to differ from expectations.
2) It summarizes drivers of earnings growth between 2007 and 2008, and provides Southern Company's capital expenditure forecast and major projects for 2009-2011.
3) Southern Company aims for long-term average earnings per share growth of 6% annually and provides earnings per share guidance of $2.30 to $2.45 for 2009.
Citigroup reported financial results for the third quarter of 2008. Net income decreased significantly compared to the third quarter of 2007, dropping from $2.2 billion to a $2.8 billion loss. Total revenues declined 23% versus the prior year. The provision for loan losses increased 86% to $9.1 billion due to higher credit costs. Expenses rose modestly while assets and loans declined year-over-year. Overall, Citigroup experienced weak results across business segments as the financial crisis impacted performance.
The document is a transcript from Progress Energy's 4Q 2008 earnings call. It discusses Progress Energy's financial results for 4Q and full year 2008, highlights achievements that position the company well for 2009, and reviews major capital projects and regulatory initiatives. Progress Energy affirmed its 2009 ongoing earnings guidance of $2.95 to $3.15 per share. The call also provided updates on Florida rate filings and the Levy Nuclear Project.
1) Burlington Northern Santa Fe Corporation reported record first quarter 2008 earnings of $1.30 per diluted share, up from $0.96 per diluted share in the first quarter of 2007.
2) Freight revenues increased 17% to $4.14 billion driven by growth in agricultural, coal, and industrial volumes as well as higher fuel surcharges from increased fuel prices.
3) Operating expenses grew due to a $357 million increase in fuel costs from higher fuel prices, while operating income increased to $875 million.
burlington northern santa fe 4Q 2008 Investors Reportfinance16
This document provides an annual investors' report for Burlington Northern Santa Fe Corporation for 2008. Some key points:
- For Q4 2008, BNSF reported earnings of $1.79 per diluted share, a 23% increase over Q4 2007. Freight revenues increased 3% to $4.25 billion.
- For full year 2008, BNSF achieved earnings of $6.08 per diluted share, a 19% increase over 2007. Operating revenues increased 14% to $18 billion.
- Operating expenses increased $1.8 billion for the full year, primarily due to a $1.3 billion increase in fuel expenses from higher fuel prices.
- BNSF
- Alcoa reported income from continuing operations of $546 million or $0.66 per share for Q2 2008, an 80% increase over Q1 2008. Revenues increased 3% to $7.6 billion.
- Input costs continued to climb across the industry, with increases in caustic soda, calcined coke, fuel oil, and other materials. However, Alcoa saw double digit profit increases across all operating segments sequentially.
- Cash from operations exceeded $1 billion. The company repurchased $175 million in shares, reaching 10% of shares outstanding under the repurchase program. Global aluminum demand is expected to increase 7.9% in 2008 despite weakness in the US market.
This document is McKesson Corporation's quarterly report filed with the SEC for the quarter ended September 30, 2004. It includes condensed consolidated financial statements such as the balance sheet, income statement, and cash flow statement. It also includes notes to the financial statements and sections on risks, controls and procedures, legal proceedings, and other information.
McKesson provides concise summaries of their business in 3 sentences:
McKesson is a leading healthcare services and information technology company with the #1 market share in pharmaceutical distribution, automation solutions, and medical-surgical supplies. They leverage their scale across business units like Pharmaceutical Solutions, Information Solutions, and Medical-Surgical Solutions to improve clinical outcomes and reduce costs for customers through their "One McKesson" strategy of comprehensive offerings and services. McKesson reported solid financial results for Q2 and the first half of FY04 with revenue growth of 14% and 27% EPS growth, driven by strong performance in Pharmaceutical Solutions.
McKesson Corporation delivered solid financial results in fiscal year 2007. Revenues grew 7% to $93 billion and earnings per share grew 17% to $2.89. Each of McKesson's three business segments - Pharmaceutical Solutions, Medical-Surgical Solutions, and Provider Technologies - contributed to growth. McKesson made strategic acquisitions and investments totaling $1.9 billion to accelerate future growth. Looking ahead, McKesson is well-positioned for continued growth by leveraging its leadership positions in healthcare distribution and information technology.
The document is Morgan Stanley Dean Witter's 2000 annual report which summarizes the company's strong financial performance. It discusses record earnings of $5.5 billion, a 15% increase in diluted earnings per share to $4.73, and a return on equity of 31%. All three of the company's core business lines - securities, asset management, and credit services - achieved record net income for the year. The annual report emphasizes the company's focus on clients and leveraging its strengths to create a new financial services firm positioned for continued success in the future.
The document summarizes McKesson Corporation's investor/analyst day presentation from June 7, 2002. It discusses the company's strategy, financial performance, goals for its supply management, information solutions, and other business segments. Key points include revenue and earnings growth in recent years, goals to increase market share and margins across various segments, and continued investment in new products and services. Financial metrics like EBIT, EPS, cash flow, and return on capital are presented for 2000-2002 with most showing strong growth.
Morgan Stanley reported a 35% increase in earnings per share for the first quarter of 2004 compared to the first quarter of 2003. Net income for the quarter was $1.2 billion, up 35% from the prior year. Revenues were $6.2 billion for the quarter, a 14% increase from the first quarter of 2003, driven by strong performance in sales and trading businesses. The company saw record revenues and market share gains in investment banking during the quarter.
morgan stanley Morgan Stanley and Co. Incorporatedfinance2
Morgan Stanley & Co. Incorporated provided its consolidated statement of financial condition as of May 31, 2008. The statement showed total assets of $579.5 billion, including cash and securities, financial instruments owned and collateralized agreements, and total liabilities and stockholder's equity of $579.5 billion. Morgan Stanley & Co. is a wholly owned subsidiary of Morgan Stanley and provides various financial services including securities underwriting, financial advisory services, sales and trading of securities, and brokerage and investment services. The notes to the financial statement provide additional details on related party transactions, accounting policies, and fair value measurement.
This document is Berkshire Hathaway's quarterly report filed with the SEC for the quarter ending September 30, 2005. It includes Berkshire's consolidated balance sheet, earnings statement, and cash flow statement for the periods presented. Berkshire's revenues increased from the prior year due to growth across its insurance and non-insurance businesses. Net earnings for the quarter and year-to-date were lower than the prior year partly due to higher catastrophe losses in the insurance operations. Berkshire continued acquiring additional businesses during the periods.
Proxy Statement for July 2003 Annual Meeting finance2
The 2003 Annual Meeting of McKesson Corporation stockholders will be held on July 30, 2003 to elect two directors, ratify the appointment of Deloitte & Touche LLP as independent auditors, consider a stockholder proposal, and conduct any other business properly brought before the meeting. Stockholders of record as of June 3, 2003 are entitled to vote.
This document is an interim shareholders report from Berkshire Hathaway Inc. for the second quarter of 2004. It includes consolidated balance sheets, statements of earnings, and condensed consolidated statements of cash flows for the periods ended June 30, 2004 and 2003. The balance sheet shows total assets of $203.4 billion as of June 30, 2004, including $150.4 billion in insurance and other assets and $48.9 billion in finance and financial products assets. Total liabilities were $122.1 billion, including $79.9 billion in insurance and other liabilities and $42.2 billion in finance and financial products liabilities. Shareholders' equity totaled $80.4 billion. The statements of earnings show
- McKesson Corporation filed a Form 10-Q with the SEC for the quarter ended December 31, 2004.
- Total revenues for the quarter increased 14% to $20.8 billion compared to $18.2 billion in the prior year quarter. However, net income decreased to a loss of $665.4 million compared to net income of $120.2 million in the prior year quarter, driven by a $1.2 billion securities litigation charge.
- For the nine months ended December 31, 2004, total revenues increased 16% to $59.9 billion compared to $51.6 billion in the prior year period. However, net income decreased to a loss of $415.7 million compared
Proxy Statement for July 2004 Annual Meeting finance2
The 2004 Annual Meeting of Stockholders of McKesson Corporation will be held on July 28, 2004. The meeting will address electing three directors to three-year terms, ratifying the appointment of Deloitte & Touche LLP as independent auditors for fiscal year 2005, and any other business properly brought before the meeting. Stockholders of record as of June 1, 2004 are entitled to vote.
This document is Berkshire Hathaway's interim shareholders report for the first quarter of 2004. It includes consolidated balance sheets as of March 31, 2004 and December 31, 2003, consolidated statements of earnings for the first quarter of 2004 and 2003, condensed consolidated statements of cash flows for the first quarter of 2004 and 2003, and notes to the interim consolidated financial statements. The notes provide additional information on Berkshire Hathaway's significant business acquisitions during the periods as well as its investments in MidAmerican Energy Holdings Company.
valero energy Quarterly and Other SEC Reports 2005 3rdfinance2
This document is Valero Energy Corporation's quarterly report filed with the SEC for the third quarter of 2005. It includes Valero's consolidated balance sheets, statements of income, cash flows, and comprehensive income for the three and nine month periods ended September 30, 2005 and 2004. It also provides condensed notes to the financial statements describing Valero's basis of presentation, principles of consolidation, significant accounting policies, and other relevant financial information.
Proxy Statement for July 2007 Annual Meeting finance2
The 2007 Annual Meeting of Stockholders of McKesson Corporation will be held on July 25, 2007. The meeting will address electing two individuals to the Board of Directors, approving amendments to declassify the Board of Directors, and approving increases to shares reserved under the 2005 Stock Plan and 2000 Employee Stock Purchase Plan. Stockholders as of May 29, 2007 are entitled to vote.
This document provides quarterly operating highlights and throughput volumes & yields for Valero Energy Corporation from 2002 through the fourth quarter of 2008. It includes key metrics such as throughput volumes, throughput margins per barrel, operating costs per barrel, and net margins per barrel for Valero's Gulf Coast, West Coast, Mid-Continent, and Northeast regions. Additionally, it provides total figures for Valero's total refining operations excluding and including the Lima, Ohio refinery. The document aims to present an overview of Valero's refining performance and costs over this time period for investors and analysts.
Morgan Stanley reported net income of $735 million for Q3 2001, down 41% from $1.246 billion in Q3 2000. Net revenues were $5.3 billion, down 16% year-over-year. The annualized return on equity was 15% for the quarter. While global economic concerns increased, Morgan Stanley believes in long-term growth opportunities and will increase share repurchases. Securities net income was $414 million, down 50% from last year's strong third quarter due to lower market activity. Credit services net income was $196 million, down 14%, with higher net charge-offs offsetting increases in interest income and fees.
valero energy Quarterly and Other SEC Reports 2006 1stfinance2
This document is Valero Energy Corporation's Form 10-Q quarterly report filed with the SEC for the quarter ended March 31, 2006. It includes Valero's consolidated financial statements and notes for the quarter. Specifically, it provides Valero's balance sheet, income statement, cash flow statement, and statement of comprehensive income for the first quarter of 2006, as well as notes describing Valero's accounting policies and significant events. The report indicates that Valero's net income for the quarter was $849 million, with earnings per share of $1.37.
AIG Second Quarter 2008 Conference Call Credit Presentationfinance2
The document summarizes AIG Financial Products' (AIGFP) super senior credit derivatives portfolio as of June 30, 2008. Some key points:
- AIGFP's net notional exposure was $441 billion, down from $469.5 billion last quarter. The largest concentrations were in multi-sector CDOs and regulatory capital relief transactions.
- The weighted average subordination was 19.6%, similar to last quarter. Most transactions have regulatory capital calls starting in January 2008.
- For regulatory capital relief transactions in corporate credits, the largest exposures were to Germany at $14.2 billion, followed by the USA and Netherlands. Most of these trades had low historical losses.
Viacom reported financial results for the first quarter of 2008 that showed increases in revenue, operating income, and earnings per share compared to the first quarter of 2007. Revenue grew 15% to $3.117 billion. Operating income increased 29% to $567 million. Diluted earnings per share from continuing operations rose 45% to $0.42. Media Networks and Filmed Entertainment, Viacom's two business segments, both saw revenue growth for the quarter despite lower theatrical revenues at Filmed Entertainment. Viacom also provided guidance for 2008-2010 of low double-digit annual growth in diluted earnings per share from continuing operations.
- DTE Energy Company and Subsidiary Companies provided a condensed consolidated statement of income and balance sheet for the third quarter of 2000 compared to the third quarter of 1999.
- Key highlights include operating revenues increased 7.4% to $1.547 billion driven by higher fuel and purchased power costs, while operating income decreased 38.8% to $172 million.
- Net income including one-time items decreased 35.2% to $104 million, while earnings per share decreased 38.8% to $0.73 per share compared to the prior year.
- DTE Energy Company and Subsidiary Companies provided a condensed consolidated statement of income and balance sheet for the third quarter of 2000 compared to the third quarter of 1999.
- Key highlights include operating revenues increased 7.4% to $1.547 billion driven by higher fuel and purchased power costs, while operating income decreased 38.8% to $172 million.
- Net income including one-time items decreased 35.2% to $104 million, while earnings per share decreased 38.8% to $0.73 per share compared to the prior year.
1) Raytheon reported fourth quarter and full-year 2008 earnings results on January 29, 2009.
2) For the fourth quarter, Raytheon reported adjusted EPS of $1.13, up 18% from the prior year, though reported EPS was lower at $1.02 due to pension adjustments.
3) For the full year, adjusted EPS was $4.06, up 23% from 2007, while reported EPS was $3.95 due to the same pension adjustments.
The document provides financial results for 3Q09. Key highlights include:
- Net income of $3.6 billion and EPS of $0.82, with strong earnings in the Investment Bank.
- Credit costs remain high at $9.8 billion as consumer credit reserves were added.
- Capital levels were further strengthened with Tier 1 Common ratio of 8.2% and Tier 1 Capital ratio of 10.2%.
- JPMorgan Chase reported net income of $2.1 billion for Q1 2009, driven by record revenue in the investment bank but higher credit costs.
- The investment bank had its best quarter ever with net income of $1.6 billion on record revenue of $8.3 billion from strong fixed income and equity trading. However, markdowns on leveraged loans totaled $711 million.
- Retail banking profits grew 58% to $863 million due to higher deposits and fees from the Washington Mutual acquisition, while consumer lending lost $389 million due to increased loan losses.
The document summarizes Credit Suisse's financial results for the first quarter of 2003. Key points include:
- Credit Suisse reported a net profit of CHF 652 million, compared to a net loss of CHF 950 million in the previous quarter.
- Credit Suisse Financial Services saw a net profit increase of 13% compared to the first quarter of 2002, driven by improved results across all business segments.
- Credit Suisse First Boston returned to profitability with a net operating profit of USD 292 million, up from USD 11 million the previous quarter, due to higher fixed income revenues and lower credit provisions.
This document provides financial results for Honeywell's 4th quarter and full year 2008. Some key highlights include:
- 6% sales growth and 19% EPS growth for the full year 2008, along with 110% free cash flow conversion.
- Segment profit declined 9% in 4Q 2008 due to weakness in Transportation Systems, though other segments like Aerospace and Automation & Control Solutions saw growth.
- Guidance for 2009 anticipates continued challenges from the economic environment, with projected declines in sales, earnings, and cash flow compared to 2008.
This document provides financial results for Honeywell's 4th quarter and full year 2008. Some key highlights include:
- 6% sales growth and 19% EPS growth for the full year 2008, along with 110% free cash flow conversion.
- Segment profit declined 9% in 4Q 2008 due to weakness in Transportation Systems, though other segments like Aerospace and Automation & Control Solutions saw growth.
- Guidance for 2009 anticipates continued challenges from the economic environment, with projected declines in sales, earnings, and cash flow compared to 2008.
This document summarizes Viacom's financial results for the third quarter of 2008. Revenues increased 4% year-over-year to $3.4 billion. Operating income decreased 15% to $689 million due to an 11% increase in expenses. Adjusted net earnings decreased 22% to $339 million, while adjusted diluted EPS decreased 15% to $0.55. Free cash flow was $564 million for the quarter compared to a significant decrease year-to-date. Total debt was $8.95 billion as of September 30, 2008, while cash on hand was $525 million.
The document provides a summary of Citigroup's financial results for the third quarter of 2011. Some key points include:
- Net credit losses declined 41% year-over-year as credit trends continued to improve. Loan loss reserves remained high at $32.1 billion or 5.1% of total loans.
- Citigroup maintained a strong capital base with a Tier 1 Common ratio of 11.7% and ample liquidity resources of $300 billion.
- Holdings now represents only 15% of Citigroup's balance sheet as the wind down continued, while Citicorp saw total loans increase 13% year-over-year.
- Overall results showed a 12%
The document provides a summary of Citigroup's financial results for the third quarter of 2011. Key points include:
- Net credit losses declined 41% year-over-year as credit trends continued to improve. Loan loss reserves remained high at $32.1 billion or 5.1% of total loans.
- Citigroup maintained a strong capital base with a Tier 1 Common ratio of 11.7% and ample liquidity resources of $300 billion.
- Holdings now represents 15% of Citigroup's balance sheet as the wind down continued, while Citicorp saw total loans increase 13% year-over-year with continued investments in its core businesses.
- Second quarter 2008 earnings per share were $1.10 compared to $1.07 in second quarter 2007. Excluding charges related to prior years in Brazil, comparable earnings per share were $1.22.
- Fleet Management Solutions revenue grew 16% due to contractual revenue growth including acquisitions. Supply Chain Solutions revenue declined 25% due to a change in revenue reporting.
- Total revenue was unchanged at $1.66 billion. Operating revenue, which excludes fuel and subcontracted transportation, increased 5% to $1.215 billion.
- The company generated $698 million in total cash in the first half of 2008, spending $496 million on capital expenditures including $207 million on acquisitions
- Second quarter 2008 earnings per share were $1.10 compared to $1.07 in second quarter 2007. Excluding charges related to prior years in Brazil, comparable earnings per share were $1.22.
- Fleet Management Solutions revenue grew 16% due to contractual revenue growth including acquisitions. Supply Chain Solutions revenue declined 25% due to a change in revenue reporting.
- Total revenue was unchanged at $1.66 billion while operating revenue increased 5% to $1.21 billion.
- The company generated $698 million in total cash in the first half of 2008 and spent $496 million on capital expenditures including $207 million on acquisitions.
- Second quarter 2008 earnings per share were $1.10 compared to $1.07 in second quarter 2007. Excluding charges related to prior years in Brazil, comparable earnings per share were $1.22, up 14% year-over-year.
- Total revenue was unchanged at $1.66 billion while operating revenue increased 5% to $1.21 billion, driven by growth in the Fleet Management Solutions segment.
- Fleet Management Solutions saw a 19% increase in net earnings before tax due to improved contractual business performance and higher fuel margins. Supply Chain Solutions earnings declined 56% due to lower results in Brazil and North American automotive strikes.
EDP Energias do Brasil reported its 2Q09 results. Key highlights include: 4%
- EBITDA of R$344 million and net income of R$213 million
- Energy volume sold by generation business up 29% year-over-year 18%
- Unveiling of full commercial operations at Santa Fé SHP
- Net revenue fell 1% due to elimination of Enersul figures 78%
- Manageable expenses down 12% for the sixth quarter in a row
- Approval and signature of long-term financing for Pecém I project
Bonds
BNDES/IDB
The presentation provides financial and operational details on EDP
Morgan Stanley Global Consumer & Retail Conferencefinance7
This document contains the presentation slides from Morgan Stanley's Global Consumer & Retail Conference on November 14, 2007. The slides discuss Best Buy's history of growth, fiscal year 2007 results, revenue mix and growth, expanding Geek Squad's services, services strategy, adapting to serve customers through research and online capabilities, and how technology has become life's infrastructure. The presentation aims to showcase Best Buy's focus on the customer experience and building trust through services.
This document summarizes Baxter International's financial statements for the three months and twelve months ended December 31, 2005 and 2004. For the three month period, net sales decreased 4% to $2.49 billion while operating income increased 109% to $425 million. Net income increased 177% to $294 million. For the twelve month period, net sales increased 4% to $9.85 billion while operating income increased 170% to $1.64 billion. Net income increased 150% to $958 million. Baxter's cash flow from operations was $236 million for the three months and $1.55 billion for the twelve months ended December 31, 2005.
- Yahoo reported Q3 2008 revenue of $1.786 billion, up 1% year-over-year. Revenue excluding traffic acquisition costs was $1.325 billion, down 2% quarter-over-quarter.
- Operating cash flow for Q3 2008 was $410 million, down 12% year-over-year and 4% quarter-over-quarter.
- Free cash flow for Q3 2008 was $231 million, down from $647 million in Q3 2007. Cash and marketable securities totaled $3.299 billion at the end of Q3 2008.
- Yahoo reported Q3 2008 revenue of $1.786 billion, up 1% year-over-year. Revenue excluding traffic acquisition costs was $1.325 billion, down 2% quarter-over-quarter.
- Operating cash flow for Q3 2008 was $410 million, down 12% year-over-year and 4% quarter-over-quarter. Operating cash flow as a percentage of revenue excluding TAC was 31%.
- Free cash flow for Q3 2008 was $231 million, down from $647 million in Q1 2008. Cash and marketable securities totaled $3.299 billion at the end of Q3 2008.
Similar to JPMorgan Chase Fourth Quarter and Full-Year 2008 Financial Results Conference Call Investor Presentation (20)
The Home Depot Celebrates Hispanic Culture Through Color and Paint With Color...finance2
The Home Depot launched a new Hispanic-inspired paint color palette called Colores Origenes, featuring over 70 vibrant colors with Spanish names to reflect Latin American culture. Research showed painting is very popular among Hispanics, 59% of whom speak Spanish at home. The new paint line and increased Spanish signage and materials aim to better serve the growing Hispanic community. It was created with Behr Paint and will be sold exclusively at select Home Depot stores.
The Home Depot and AARP Launch Nationwide Workshopsfinance2
The Home Depot and AARP launched nationwide home improvement workshops customized for those aged 50 and over. The workshops will cover topics like home modifications for comfort and safety, saving money on energy bills, and basic maintenance. The workshops are part of an alliance between the two organizations to provide resources for aging homeowners as around 86 million Americans are currently over 50, comprising over 40% of the population.
Nearly Half of Americans Fail to Check Home Safety Devices at Daylight-Saving...finance2
A survey found that 47% of Americans did not check their home safety devices when changing their clocks for daylight saving time last year. Nearly three-quarters did not know when daylight saving time ends this year on October 30th. The Home Depot recommends using the end of daylight saving time as a reminder to check smoke detectors and carbon monoxide detectors by changing their batteries.
View Summary The Home Depot Celebrates the Olympic Spirit With Special Kids...finance2
The Home Depot announced a special Olympic-themed Kids Workshop to be held on November 5, 2005 at its stores nationwide. Children will build a wooden bobsled toy to celebrate the 2006 Winter Olympics. Selected stores will host Olympic athletes to help children and promote the Olympics. The Home Depot aims to teach kids DIY skills through these monthly workshops and has hosted over 13 million children since 1997.
The Home Depot Announces First Quarter Resultsfinance2
The Home Depot reported first quarter earnings of $356 million, down from $1 billion in the same period last year. This included a $543 million non-recurring charge for closing underperforming stores. Excluding this charge, earnings were $697 million. Sales decreased 3.4% to $17.9 billion due to a 6.5% drop in comparable store sales. The company's CEO acknowledged difficult market conditions and said the company would focus on investing in existing stores.
1) The document discusses Home Depot's merchandising strategy, which focuses on national brands, exclusive proprietary brands, and serving core customers through product knowledge transfer.
2) Home Depot aims to aggressively attack the market through its brand strategies, which leverage national brands, exclusive brands, and proprietary brands to differentiate, build preference, and offer selection.
3) Home Depot is transforming its merchandising approach through investments in talent, focused processes like seasonal planning and presentation, and new systems that provide merchants better data and tools.
home depot 2008 Annual Meeting of Stockholdersfinance2
This document summarizes The Home Depot's 2008 Annual Meeting of Shareholders. It provides an overview of the company's financial performance in 2007, including a 2% decrease in sales and an 11% decrease in net earnings per share. It also outlines the company's five priorities for 2007 which were investing in associate engagement, shopping environment, product availability, product excitement, and owning the professional customer. The outlook anticipates 2008 will be another difficult year with guidance for a 4-5% sales decrease and a 19-24% decrease in earnings per share. The company will continue investing in its key priorities and allocating capital efficiently.
The document is a transcript from The Home Depot's 2008 Investor Day conference. Frank Blake, the company's CEO, provides an overview of the company's strategic focus on improving the core retail business, exercising disciplined capital allocation, increasing returns on existing assets, and building sustained competitive advantages. He highlights progress made on priorities like associate engagement and product availability. While housing market conditions remain difficult, Blake emphasizes the company's long term strategy and goals, such as becoming a best in class merchandiser.
This document provides a financial overview and discussion of Home Depot's performance in Q1 2008 and outlook for 2008. Some key points:
- Q1 2008 sales were down 3.4% and operating income was down 56.5% due to housing market challenges.
- For 2008, Home Depot expects total sales to decline 4-5%, negative comps in the mid-to-high single digits, and operating margin decline of 170-210 basis points.
- Home Depot has a staggered debt maturity schedule with low refinancing risk and strong cash flow and liquidity.
- The company is focused on capital efficiency through store rationalization, supply chain improvements, and driving productivity across operations
Paul Raines discusses Home Depot's focus on store operations and customers. Key points include:
1) Home Depot has made multi-year investments to improve labor standards, launch an "Aprons on the Floor" program, and focus on foundational improvements like maintenance and store standards.
2) The company is focusing on two customer segments - professional contractors and multicultural customers - through programs like product knowledge certification for associates, understanding each group's purchasing patterns, and targeted marketing.
3) Initiatives like daytime freight, call center closures, and a new merchandising team have helped exceed Home Depot's $180 million goal in operating cost reductions to reinvest in labor.
home depot http://ir.homedepot.com/common/download/download.cfm?companyid=HD&...finance2
This document discusses Home Depot's supply chain transformation efforts from 2007 to 2008. It outlines goals of improving product availability, inventory management, and developing an optimal distribution network. Home Depot implemented regional distribution centers (RDCs) to better aggregate store orders, improve in-stock levels, and reduce supply chain costs. The RDCs were shown to simplify operations and had benefits including increased gross margins and improved inventory turns that could generate $1.5 billion in additional cash.
The document discusses a decline in private residential investment and subprime/Alt-A mortgages over the past few years which has negatively impacted the housing market. It then outlines Home Depot's strategic focus on increasing returns through disciplined capital allocation, investing in existing assets like employee training and supply chain improvements, and building sustained competitive advantages. Home Depot expects another difficult year in 2008 but believes these strategic initiatives position it for stronger future growth once market conditions normalize.
home depotForward Looking & Non-GAAP Disclosures finance2
The document discusses forward-looking statements made in today's presentations regarding the home improvement and housing markets, earnings guidance, and other factors affecting earnings and sales. It notes these statements are based on currently available information and expectations that could change. It also discusses non-GAAP financial measurements included in today's presentations, including total adjusted debt and earnings measures that exclude expected costs associated with store closures and pipeline changes. These supplemental measures are not a substitute for GAAP but provide useful information to investors.
home depot Bank of America 38th Annual Investment Conferencefinance2
Carol Tomé and Mark Holifield presented at the Bank of America 38th Annual Investment Conference. The presentation discussed (1) Home Depot's progress on five priorities including implementing store standards and supply chain improvements, (2) the evolution of Home Depot's capital efficiency strategy through investing in priorities and rationalizing non-core assets, and (3) expected benefits from supply chain improvements including gross margin expansion and $1.5 billion additional cash from reducing inventory turns.
- The Home Depot reported third quarter earnings for fiscal year 2008, with sales of $17.8 billion, down 6.2% from the previous year, and same-store sales down 8.3%. Earnings per share were $0.45.
- Challenging housing and home improvement markets continued to pressure results. Previously strong regions like the Northwest saw double-digit negative comps.
- While sales were weak across most departments, building materials had positive comps led by roofing and insulation. Initiatives to improve merchandising and focus on value are showing early signs of success through improved transactions, market share gains, and gross margin expansion despite volatile costs.
- Tightening credit availability also
- The Home Depot reported third quarter earnings for fiscal year 2008, with sales of $17.8 billion, down 6.2% from the previous year, and same-store sales down 8.3%. Earnings per share were $0.45.
- Challenging housing and home improvement markets continued to pressure results. Previously strong regions like the Northwest saw double-digit negative comps.
- While sales were weak across most departments, building materials had positive comps led by roofing and insulation. Initiatives to improve merchandising and focus on value are showing early signs of success through improved transactions, market share gains, and gross margin expansion despite volatile costs.
- Tightening credit availability also
“Amidst Tempered Optimism” Main economic trends in May 2024 based on the results of the New Monthly Enterprises Survey, #NRES
On 12 June 2024 the Institute for Economic Research and Policy Consulting (IER) held an online event “Economic Trends from a Business Perspective (May 2024)”.
During the event, the results of the 25-th monthly survey of business executives “Ukrainian Business during the war”, which was conducted in May 2024, were presented.
The field stage of the 25-th wave lasted from May 20 to May 31, 2024. In May, 532 companies were surveyed.
The enterprise managers compared the work results in May 2024 with April, assessed the indicators at the time of the survey (May 2024), and gave forecasts for the next two, three, or six months, depending on the question. In certain issues (where indicated), the work results were compared with the pre-war period (before February 24, 2022).
✅ More survey results in the presentation.
✅ Video presentation: https://youtu.be/4ZvsSKd1MzE
Dr. Alyce Su Cover Story - China's Investment Leadermsthrill
In World Expo 2010 Shanghai – the most visited Expo in the World History
https://www.britannica.com/event/Expo-Shanghai-2010
China’s official organizer of the Expo, CCPIT (China Council for the Promotion of International Trade https://en.ccpit.org/) has chosen Dr. Alyce Su as the Cover Person with Cover Story, in the Expo’s official magazine distributed throughout the Expo, showcasing China’s New Generation of Leaders to the World.
What Lessons Can New Investors Learn from Newman Leech’s Success?Newman Leech
Newman Leech's success in the real estate industry is based on key lessons and principles, offering practical advice for new investors and serving as a blueprint for building a successful career.
How Poonawalla Fincorp and IndusInd Bank’s Co-Branded RuPay Credit Card Cater...beulahfernandes8
The eLITE RuPay Platinum Credit Card, a strategic collaboration between Poonawalla Fincorp and IndusInd Bank, represents a significant advancement in India's digital financial landscape. Spearheaded by Abhay Bhutada, MD of Poonawalla Fincorp, the card leverages deep customer insights to offer tailored features such as no joining fees, movie ticket offers, and rewards on UPI transactions. IndusInd Bank's solid banking infrastructure and digital integration expertise ensure seamless service delivery in today's fast-paced digital economy. With a focus on meeting the growing demand for digital financial services, the card aims to cater to tech-savvy consumers and differentiate itself through unique features and superior customer service, ultimately poised to make a substantial impact in India's digital financial services space.
University of North Carolina at Charlotte degree offer diploma Transcripttscdzuip
办理美国UNCC毕业证书制作北卡大学夏洛特分校假文凭定制Q微168899991做UNCC留信网教留服认证海牙认证改UNCC成绩单GPA做UNCC假学位证假文凭高仿毕业证GRE代考如何申请北卡罗莱纳大学夏洛特分校University of North Carolina at Charlotte degree offer diploma Transcript
Budgeting as a Control Tool in Government Accounting in Nigeria
Being a Paper Presented at the Nigerian Maritime Administration and Safety Agency (NIMASA) Budget Office Staff at Sojourner Hotel, GRA, Ikeja Lagos on Saturday 8th June, 2024.
An accounting information system (AIS) refers to tools and systems designed for the collection and display of accounting information so accountants and executives can make informed decisions.
How to Identify the Best Crypto to Buy Now in 2024.pdfKezex (KZX)
To identify the best crypto to buy in 2024, analyze market trends, assess the project's fundamentals, review the development team and community, monitor adoption rates, and evaluate risk tolerance. Stay updated with news, regulatory changes, and expert opinions to make informed decisions.
Economic Risk Factor Update: June 2024 [SlideShare]Commonwealth
May’s reports showed signs of continued economic growth, said Sam Millette, director, fixed income, in his latest Economic Risk Factor Update.
For more market updates, subscribe to The Independent Market Observer at https://blog.commonwealth.com/independent-market-observer.
Fabular Frames and the Four Ratio ProblemMajid Iqbal
Digital, interactive art showing the struggle of a society in providing for its present population while also saving planetary resources for future generations. Spread across several frames, the art is actually the rendering of real and speculative data. The stereographic projections change shape in response to prompts and provocations. Visitors interact with the model through speculative statements about how to increase savings across communities, regions, ecosystems and environments. Their fabulations combined with random noise, i.e. factors beyond control, have a dramatic effect on the societal transition. Things get better. Things get worse. The aim is to give visitors a new grasp and feel of the ongoing struggles in democracies around the world.
Stunning art in the small multiples format brings out the spatiotemporal nature of societal transitions, against backdrop issues such as energy, housing, waste, farmland and forest. In each frame we see hopeful and frightful interplays between spending and saving. Problems emerge when one of the two parts of the existential anaglyph rapidly shrinks like Arctic ice, as factors cross thresholds. Ecological wealth and intergenerational equity areFour at stake. Not enough spending could mean economic stress, social unrest and political conflict. Not enough saving and there will be climate breakdown and ‘bankruptcy’. So where does speculative design start and the gambling and betting end? Behind each fabular frame is a four ratio problem. Each ratio reflects the level of sacrifice and self-restraint a society is willing to accept, against promises of prosperity and freedom. Some values seem to stabilise a frame while others cause collapse. Get the ratios right and we can have it all. Get them wrong and things get more desperate.
Every business, big or small, deals with outgoing payments. Whether it’s to suppliers for inventory, to employees for salaries, or to vendors for services rendered, keeping track of these expenses is crucial. This is where payment vouchers come in – the unsung heroes of the accounting world.
2. FY08 Managed Results1
$ in millions
$ in millions
$ O/(U) O/(U) %
FY2008 FY2007 FY2007
1
Results excl. Merger-related items
2
$73,402 ($1,410) (2)%
Revenue (FTE)
2
22,647 13,403 145%
Credit Costs
3
42,915 1,212 3%
Expense
Merger-related items (after-tax) (211) (211) NM
Reported Net Income $5,605 ($9,760) (64)%
Reported EPS $1.37 ($3.01) (69)%
4
4% 13%
ROE
4
6% 21%
ROE Net of GW
4,5
7% 23%
ROTCE
RESULTS
Merger-related items include the Bear Stearns and WaMu transactions
1
Managed basis presents revenue and credit costs without the effect of credit card securitizations. Revenue is on a fully taxable-equivalent (FTE) basis. All references to credit
2
costs refer to managed provision for credit losses
3 Includes pretax merger-related costs of $209mm in 2007
4 Actual numbers for all periods, not over/under
5 See note 1 on slide 24
FINANCIAL
1
3. 4Q08 Managed Results1
$ in millions
$ in millions
$ O/(U) O/(U) %
4Q08 3Q08 4Q07 3Q08 4Q07
1
Results excl. Merger-related items
2
$19,322 $3,237 $1,047 20% 6%
Revenue (FTE)
2
8,583 3,899 5,422 83% 172%
Credit Costs
3
11,007 27 287 - 3%
Expense
Merger-related items (after-tax) 1,064 1,799 1,064 NM NM
Reported Net Income $702 $175 ($2,269) 33% (76)%
Reported EPS $0.07 ($0.04) ($0.79) (36)% (92)%
4
1% 1% 10%
ROE
4
1% 2% 15%
ROE Net of GW
4,5
3% 3% 17%
ROTCE
Merger-related items include the Bear Stearns and WaMu transactions
1
Managed basis presents revenue and credit costs without the effect of credit card securitizations. Revenue is on a fully taxable-equivalent (FTE) basis. All
2
references to credit costs refer to managed provision for credit losses
RESULTS
3 Includes pretax merger-related costs of $22mm in 4Q07
4 Actual numbers for all periods, not over/under
5 See note 1 on slide 24
FINANCIAL
2
4. 4Q08 Significant Items
$ in billions (excluding EPS)
$ in billions (excluding EPS)
Net Income EPS LOB
Increase to credit reserves ($2.5) ($0.66) Firm
1
(1.8) (0.49) IB
Net markdowns on leveraged lending & mortgage exposure
Merger-related items 1.1 0.28 Corporate
MSR risk management results 0.9 0.23 RFS
Private Equity write-downs (0.7) (0.18) Corporate
Paymentech gain on sale 0.6 0.17 Corporate
Figures are not IB comp adjusted
1
RESULTS
FINANCIAL
3
5. Investment Bank
Net loss of $2.4B includes the following significant items:
$ in millions
$ in millions
$ O/(U) Significant item ($ in billions) Business line Revenue / Pretax
Leveraged lending markdowns FI Mkts. ($1.8)
Mortgage-related markdowns FI Mkts. ($1.1)
4Q08 3Q08 4Q07
Credit costs NA ($0.8)
Revenue ($302) ($4,337) ($3,474) 1
Impact of spread tightening on structured liab. FI & Equity Mkts. ($0.7)
Investment Banking Fees 1,373 (220) (284) Total pretax impact ($4.4)
Total net income impact ($2.7)
Fixed Income Markets (1,671) (2,486) (2,286)
1Fixed Income Markets of ($367mm) and Equity Markets of ($354mm)
Equity Markets (94) (1,744) (672) Note: Items are not IB comp adjusted
Credit Portfolio 90 113 (232)
IB fees of $1.4B down 17% YoY
Credit Costs 765 531 565
Expense 2,741 (1,075) (270) Fixed Income Markets revenue of ($1.7B); net of significant items,
Net Income ($2,364) ($3,246) ($2,488) revenue of $1.6B, reflecting:
1
Weak trading results in credit-related products, largely offset by
Key Statistics
record performance in rates and currencies and strong
Overhead Ratio NM 95% 95%
performance in commodities and emerging markets
Comp/Revenue NM 54% 49%
Equity Markets revenue of ($94mm); net of significant items,
ALL / Total Loans 4.71% 3.85% 1.93%
revenue of $260mm reflecting:
NPLs ($mm) $1,175 $436 $353
Weak trading results, partially offset by strong client revenue
2
ROE (28)% 13% 2% across products, including prime services
3
$327 $218 $123
VAR ($mm)
RESULTS
Credit Portfolio revenue of $90mm down $232mm YoY
EOP Equity ($B) $33.0 $33.0 $21.0
Credit costs of $765mm were driven by increased allowance
Actual numbers for all periods, not over/under
1
Calculated based on average equity. 4Q08 average equity was $33.0B
2
reflecting a weakening credit environment
Average Trading and Credit Portfolio VAR
3
Expense down 9% YoY driven by lower compensation expense, largely
FINANCIAL
offset by higher non-compensation expense relating to the Bear
Stearns merger
4
6. IB League Tables and Awards
League Table Results Continue to rank #1 in three capital raising league
League Table Results
tables for 20081
Thomson Volumes1
Global Debt, Equity & Equity-related
2008 2007 Global Equity & Equity-related
Global Loan Syndications
Rank Share Rank Share
Ranked #1 in Global Fees for 20085 with 8.8%
Global M&A Announced2 #2 26.5% #4 26.8%
market share; for 20075, JPM was #1, with 8.4%
Global Debt, Equity & Equity-related #1 9.7% #2 7.6% market share
US Debt, Equity & Equity-related #1 15.5% #2 10.0%
Major Awards
Major Awards
Global Equity & Equity-related3 #1 11.8% #2 9.2%
Bank of the Year
Global Converts #1 13.4% #1 14.8% International Financing Review
December 2008
Global Long-term Debt4 #2 8.8% #3 7.1%
Global Investment Grade Debt #2 6.8% #3 6.8% Bank Risk Manager of the Year
Derivatives House of the Year
Global High Yield Debt #1 20.4% #1 12.1% Risk, January 2009
US High Yield Debt #1 20.8% #1 13.5%
Best Overall Investment Bank
RESULTS
Global ABS (ex CDOs) #1 14.8% #2 8.6% Institutional Investor, December 2007
Global Loan Syndications #1 11.5% #1 12.8%
European Investment Bank of the Year
Source: Thomson Reuters. 2007 represents heritage JPM only
1
Global M&A market share and ranking for 2007 includes transactions withdrawn since 12/31/07 Financial News, December 2008
2
FINANCIAL
Global Equity & Equity-related includes rights offerings
3
Global Long-term Debt includes ABS, MBS and municipal securities
4
Source: Dealogic
5
Note: Rankings as of 12/31/08 for full year 2008 and full year 2007
5
7. Leveraged Lending
Markdowns of $1.8B, net of hedges, on remaining legacy commitments
$12.6B of legacy commitments with gross markdowns of $5.7B, or 45%; market
value at 12/31/08 of $6.9B
$12.9B of legacy commitments at 9/30/08
($0.3B) reduction, or 2% of exposure
$12.6B of legacy commitments at 12/31/08 classified as held-for-sale
Valuations are deal specific and result in a wide range of pricing levels;
markdowns represent best indication of prices at 12/31/08
RESULTS
FINANCIAL
Note: Exposures are stated on a trade date basis. $9.3B total commitments at 12/31/08 classified as held-for-investment
6
8. IB Key Risk Exposures
Mortgage-related
$ in billions
$ in billions
Exposure as of Exposure Exposure as of
9/30/2008 reduction 12/31/2008
Prime $2.3 ($0.5) $1.8
Alt-A 5.8 ($1.5) 4.3
Subprime 1.2 (0.3) 0.9
Subtotal Residential $9.3 ($2.3) $7.0
Commercial 9.3 (1.6) 7.7
Mortgage Exposure $18.6 ($3.9) $14.7
4Q08 reductions of over 20% on mortgage-related exposures
$1.1B of net markdowns, largely driven by commercial
Prime / Alt-A exposure of $6.1B, difficult to hedge effectively
Prime - securities of $1.7B, mostly senior securities, and $0.1B of loans
RESULTS
Alt-A - securities of $1.4B, mostly senior securities, and $2.9B of first lien mortgages
Subprime exposure of $0.9B, actively hedged
Commercial exposure of $7.7B, actively hedged
FINANCIAL
Securities of $2.7B, of which 55% are AAA-rated; 18% / 82% fixed vs. floating-rate securities
$5.0B of loans, primarily first lien mortgages
7
9. LOB Results Include WaMu Operating Results
Segment Disclosures Enhanced as Shown Below
Retail Financial Services Card Services Commercial Bank
Retail Financial Services Card Services Commercial Bank
Prior Reporting Segments
Regional Banking Mortgage Banking Auto Finance
Consumer and Mortgage Auto
Business Banking production originations
(including Business
Mortgage Auto loan and
Banking loans)
servicing lease balances
Other loan portfolios
Admin/Other
WaMu Card WaMu Commercial
Retail Banking Consumer Lending
business added Bank business
Restated Reporting Segments
added
Consumer and Loan originations and balances (including
Supplement
Business Banking home lending, education, auto and other
disclosure New client
(including Business loans)
enhanced with key segment,
Banking loans)
statistics on WaMu “Commercial Term
Mortgage production and servicing
RESULTS
card portfolio Lending”; includes
WaMu Consumer
WaMu Home Lending business WaMu multi-family
and Business
(originations, servicing, and portfolio) and commercial
Banking added
mortgage loans
Chase prime mortgages previously reported
FINANCIAL
in Corporate/Treasury moved into
Consumer Lending
Note: Historical data for all segment disclosures have been reclassified to conform to current presentation; WaMu EOP balance sheet items have
been reclassified for 3Q08 only to conform to current presentation (operating results for WaMu’s banking operations did not have a material effect
8
on results in 3Q08)
10. Retail Financial Services—Drivers
Retail Banking - $ in billions
Retail Banking - $ in billions Average deposits (excluding the WaMu transaction) up
2% QoQ and YoY, while deposit NII is up 23% due to
4Q08 3Q08 4Q07
widening of deposit margin. WaMu deposits have
1
Key Statistics stabilized with balances flat QoQ
Average Deposits $339.8 $210.1 $208.4
Branch production statistics (excluding WaMu
Deposit Margin 2.94% 3.06% 2.67%
transaction) YoY:
Checking Accts (mm) 24.5 24.5 10.8
Checking accounts up 9%
# of Branches 5,474 5,423 3,152
# of ATMs 14,568 14,389 9,186 Credit card sales up 29%
Investment Sales ($mm) $3,956 $4,389 $4,114 Mortgage originations down 25%
Investment sales down 22%
Home Equity originations down 83% YoY due to tighter
Consumer Lending - $ in billions
Consumer Lending - $ in billions underwriting standards
4Q08 3Q08 4Q07 Mortgage loan originations down 30% YoY
1
Credit Metrics :
Declines reflect tighter underwriting and the
Net Charge-off Rate (excl. credit impaired) 2.32% 2.43% 1.02%
overall reduction in liquidity in the financial
Allowance to EOP Loans (excl. credit impaired) 3.16% 2.49% 1.24%
markets
1
Key Statistics
For 4Q08, greater than 90% of mortgage
Home Equity Originations $1.7 $2.6 $9.8
originations fall under agency and government
2
$142.8 $94.8 $94.0
Avg Home Equity Loans Owned
RESULTS
programs
Mortgage Loan Originations $28.1 $37.7 $40.0
2,3
3rd party mortgage loans serviced up 91% YoY due to
$149.8 $53.5 $44.2
Avg Mortgage Loans Owned
the WaMu transaction
3rd Party Mortgage Loans Svc'd $1,173 $1,115 $615
Auto Originations $2.8 $3.8 $5.6
Auto originations down 50% YoY driven by weakness in
FINANCIAL
Avg Auto Loans and Leases $42.9 $43.9 $41.6 the auto industry
Actual numbers for all periods, not over/under
1
Includes all credit impaired and noncredit impaired loan portfolios
2
3 Does not include held-for-sale loans
9
11. Retail Financial Services
$ in millions
$ in millions
Total RFS net income of $624mm, down 15% YoY,
$ O/(U)
reflecting a significant increase in credit costs offset
predominantly by positive MSR risk management results
4Q08 3Q08 4Q07
and the impact of the WaMu transaction
Retail Financial Services
Net Income $624 $560 ($107) Retail Banking net income of $1.0B, up 85% YoY:
1,2
10% 1% 18%
ROE Total revenue of $4.5B increased 78% YoY reflecting
1
$25 $25 $16
EOP Equity ($B) the impact of the WaMu transaction, wider deposit
Retail Banking spreads, higher deposit-related fees, and higher
Net Interest Income $2,687 $931 $1,140 deposit balances
Noninterest Revenue $1,834 $745 $836
Expense growth of 62% YoY reflecting the impact of
Total Revenue $4,521 $1,676 $1,976
the WaMu transaction
Credit Costs $268 $198 $218
Consumer Lending net loss of $416mm compared to net
Expense $2,533 $953 $965
income of $170mm in the prior year:
Net Income $1,040 $317 $479
Total revenue of $4.2B, up 85% YoY, driven by positive
Consumer Lending
MSR risk management results, the impact of the WaMu
Net Interest Income $2,023 $548 $883
transaction and wider loan spreads
Noninterest Revenue $2,140 $1,497 $1,029
Credit costs in 4Q08 reflect higher losses and a $1.6B
Total Revenue $4,163 $2,045 $1,912
addition to the allowance for heritage Chase home
Credit Costs $3,308 $1,322 $2,295
RESULTS
equity and mortgage portfolios
Expense $1,513 $314 $540
Expense growth of 55% YoY reflecting the impact of
Net Income ($416) $243 ($586)
the WaMu transaction, higher mortgage reinsurance
Actual numbers for all periods, not over/under
1
Calculated based on average equity. 4Q08 average equity was $25B
2
losses, and increased servicing expense
FINANCIAL
10
12. WaMu Impact on Consumer Lending Credit Statistics
4Q08 - $ in billions
4Q08 - $ in billions
Allowance for
Loan Losses
Average
Charge-off
Balances
Charge-offs ($) Coverage (%)
(ex. HFS) Rate
Consumer Lending Portfolio
Chase $204.9 $1.5 2.98% $7.4 3.62
WaMu (noncredit impaired) 0 1.58
57.6 0 0.9
Total noncredit impaired Consumer Lending Portfolio $262.5 $1.5 2.32% $8.3 3.16%
Add: WaMu credit impaired BV N/A
88.5 N/A
Total – Reported Consumer Lending Portfolio $351.0 $1.5 1.74% $8.3 2.36%
Note: Shaded boxes represent data disclosed in the financial supplement
Charge-off rates and coverage ratios excluding the credit impaired loans provide
best representation of the performance of the noncredit impaired portfolio
RESULTS
FINANCIAL
11
13. Home Equity
Noncredit impaired loans
30-day Delinquency Trend
30-day Delinquency Trend Key Statistics
Key Statistics
3Q082
4Q08 4Q07
3.25%
Heritage JPM Combined noncredit impaired 1
Noncredit Impaired
3.00%
EOP owned portfolio ($B) $114.3 $114.5 $94.8
2.75%
Net charge-offs ($mm) $770 $663 $248
2.50%
Net charge-off rate 2.67% 2.78% 1.05%
2.25%
Nonperforming loans ($mm) $1,394 $1,142 $786
2.00%
1.75%
Heritage JPM
1.50%
Net charge-offs ($mm) $770 $663 $248
1.25%
Net charge-off rate 3.24% 2.78% 1.05%
Sep-07 Dec-07 M ar-08 Jun-08 Sep-08 Dec-08
Excludes credit impaired loans accounted for under SOP 03-3 that were acquired as
1
part of the WaMu transaction
2 Balances have been revised to reflect the final analysis of the credit
impaired/noncredit impaired classification of loans acquired in the WaMu transaction
Comments on Home Equity Portfolio
Comments on Home Equity Portfolio
Losses predominately coming from high CLTVs
RESULTS
Maximum CLTV reduced to 70% from 80%. Maximum CLTVs now range from 50% to 70% based on
geographic location
Continued deterioration — quarterly losses could reach $1B +/- over the next several quarters
FINANCIAL
Note: CLTV=Combined Loan to Value. This metric represents how much the borrower owes on the property against the value
12
14. Prime Mortgage
Noncredit impaired loans
30-day Delinquency Trend Key Statistics
30-day Delinquency Trend Key Statistics
3Q083
4Q08 4Q07
Heritage JPM Combined noncredit impaired
7.00%
1
Noncredit Impaired
6.00%
EOP balances ($B)2 $65.2 $65.6 $34.0
5.00%
Net charge-offs ($mm) $195 $177 $17
4.00%
Net charge-off rate (%) 1.20% 1.79% 0.22%
3.00%
Nonperforming loans ($mm) $1,876 $1,490 $500
2.00%
Heritage JPM
1.00%
Net charge-off rate ($mm) $195 $177 $17
0.00%
Net charge-off rate (%) 1.97% 1.79% 0.22%
Sep-07 Dec-07 M ar-08 Jun-08 Sep-08 Dec-08
Excludes credit impaired loans accounted for under SOP 03-3, and noncredit
1
impaired Option Arm loans that were acquired as part of the WaMu transaction
2 Excludes loans eligible for repurchase as well as loans repurchased from GNMA pools
that are insured by US government agencies
3 Balances have been revised to reflect the final analysis of the credit
impaired/noncredit impaired classification of loans acquired in the WaMu transaction
Comments on Prime Mortgage Portfolio
Comments on Prime Mortgage Portfolio
Losses predominately coming from CA and FL (80% of total losses) and 2006 and 2007 vintages (90%
of total losses)
RESULTS
Continued tightening of underwriting standards, especially in areas with the most severe expected
home price deterioration and unemployment growth
Eliminated originations of jumbo (portfolio) loans through broker channel in September 2008;
announced exit of broker channel for all products, including conforming loans, in January 2009
FINANCIAL
Quarterly losses could be as high as $400mm over next several quarters
Note: CLTV = Combined-Loan-to-Value. This metric represents how much equity the borrower owes on the property against the value.
13
15. Subprime Mortgage
Noncredit impaired loans
30-day Delinquency Trend Key Statistics
30-day Delinquency Trend Key Statistics
3Q082
4Q08 4Q07
Heritage JPM Combined noncredit impaired 1
Noncredit Impaired
28.00%
EOP owned portfolio ($B) $15.3 $16.2 $15.5
24.00%
Net charge-offs ($mm) $319 $273 $71
20.00%
Net charge-off rate 8.08% 7.65% 2.08%
Nonperforming loans ($mm) $2,690 $2,384 $1,017
16.00%
Heritage JPM
12.00%
Net charge-offs ($mm) $319 $273 $71
8.00%
Net charge-off rate 9.76% 7.65% 2.08%
Sep-07 Dec-07 Mar-08 Jun-08 Sep-08 Dec-08
Excludes credit impaired loans accounted for under SOP 03-3 that were acquired as
1
part of the WaMu transaction.
2 Balances have been revised to reflect the final analysis of the credit
impaired/noncredit impaired classification of loans acquired in the WaMu transaction
Comments on Subprime Mortgage Portfolio
Comments on Subprime Mortgage Portfolio
RESULTS
Eliminated new production and portfolio is in run-off
Continued deterioration — quarterly losses could be as high as $375-$425mm in 2009
FINANCIAL
14
16. WaMu Portfolio Update
Home Lending Loss Sensitivities - $ billions
Home Lending Loss Sensitivities - $ billions
Per Prior Presentation
Base Estimate Deeper Recession Market Outlook
U.S. Peak to trough HPI1 (25)% (28)% (31)%
Remaining Life Losses from December 31, 20072 $36.0 $42.0
Remaining Life Losses from September 25, 20082 $30.7 $36.7 $32-$36 Implied Range
Updated home price index (HPI) market forecast suggests that remaining losses
could be $32-$36B2
The loan mark currently reflects $32.5B2 of remaining life losses beyond
September 25, 2008
We have not yet experienced losses or delinquencies beyond initial
expectations
RESULTS
Additions to loan loss reserves would be required if and when delinquency and
loss experience actually exceeds our initial expectations
FINANCIAL
Home Price Index, Moody’s/Economy.com Case-Shiller Forecast
1
For the entire WaMu portfolio (both credit impaired and noncredit impaired)
2
15
17. Card Services (Managed)
$ in millions
$ in millions
$ O/(U)
Net loss of $371mm down $980mm YoY; decline
in results driven by higher credit costs partially
4Q08 3Q08 4Q07
offset by an increase in revenue
Revenue $4,908 $1,021 $937
Credit Costs 3,966 1,737 2,178 Credit costs up $2.2B or 122% YoY due to an
Expense 1,489 295 266 increase of $1.1B in the allowance for loans
Net Income ($371) ($663) ($980) losses and higher net charge-offs
1
Key Statistics Incl. WaMu ($B)
Net charge-off rate (excluding the WaMu
ROO (pretax) (1.16)% 1.17% 2.51%
transaction) of 5.29% in 4Q08
2
ROE (10)% 8% 17%
End-of-period outstandings (excluding the WaMu
EOP Equity ($B) $15.0 $15.0 $14.1
transaction) of $162.1B up 3% YoY and 2% QoQ
1
Key Statistics Excl. WaMu ($B)
Avg Outstandings $159.6 $157.6 $151.7
Charge volume (excluding the WaMu transaction)
EOP Outstandings $162.1 $159.3 $157.1
declined 8% YoY and 6% QoQ
Charge Volume $88.2 $93.9 $95.5
Net Accts Opened (mm) 3.8 3.6 5.3 Revenue of $4.9B up 24% YoY and 26% QoQ due
to the impact of the WaMu transaction
Managed Margin 8.18% 8.18% 8.20%
Net Charge-Off Rate 5.29% 5.00% 3.89%
Managed margin (excluding the WaMu
30+Day Delinquency Rate 4.36% 3.69% 3.48%
transaction) of 8.18% down from 8.20% YoY and
RESULTS
Actual numbers for all periods, not over/under
flat QoQ
1
Calculated based on average equity. 4Q08 average equity was $15B
2
Expense of $1.5B up 22% YoY and 25% QoQ due to
the impact of the WaMu transaction
FINANCIAL
16
18. Commercial Banking
$ in millions
$ in millions
Record net income of $480mm up 67% YoY, driven by
$ O/(U)
higher net revenue, which includes the impact of the
WaMu transaction, partially offset by higher credit costs
4Q08 3Q08 4Q07
Revenue $1,479 $354 $395 Average loans and liability balances (excluding the
Middle Market Banking 796 67 101 WaMu transaction) up 11% YoY and 17% YoY,
respectively
Commercial Term Lending 243 243 243
Mid-Corporate Banking 243 7 4 New client segment, Commercial Term Lending, and
Real Estate Banking 131 40 29 increase in Real Estate Banking due to the WaMu
(3)
Other 66 18 transaction
Credit Costs 190 64 85
Record revenue of $1.5B up 36% YoY due to the impact
Expense 499 13 (5)
of the WaMu transaction, higher net interest income,
Net Income $480 $168 $192
and increased noninterest revenue
1
Key Statistics
Avg Loans & Leases ($B) $117.7 $72.3 $65.5 Credit costs of $190mm up 81% YoY reflect a weakening
2
Avg Liability Balances ($B) $114.1 $99.4 $96.7 credit environment
Continue to monitor commercial real estate
Overhead Ratio 34% 43% 46%
portfolio, which is showing signs of weakening credit
Net Charge-Off Rate 0.40% 0.22% 0.21%
Change in allowance coverage ratio to 2.41% in 4Q08
ALL / Average Loans 2.41% 2.32% 2.66%
from 2.66% in 4Q07 reflects the changed mix of the
NPLs ($mm) $1,026 $844 $146
RESULTS
loan portfolio due to the WaMu transaction
3
ROE 24% 18% 17%
Expense flat YoY with overhead ratio of 34%
EOP Equity ($B) $8.0 $8.0 $6.7
¹ Actual numbers for all periods, not over/under
FINANCIAL
2 Includes deposits and deposits swept to on-balance sheet liabilities
3 Calculated based on average equity. 4Q08 average equity was $8B
17
19. Treasury & Securities Services
$ in millions
$ in millions
$ O/(U) Record net income of $533mm up 26% YoY
Pretax margin of 37%
4Q08 3Q08 4Q07
Liability balances up 34% YoY
Revenue $2,249 $296 $319
Treasury Services 993 96 169
Assets under custody down 17% YoY
Worldwide Securities Svcs 1,256 200 150
Record revenue of $2.2B up 17% YoY
Expense 1,339 - 117
Record revenue in TS reflects higher
Net Income $533 $127 $111
liability balances and higher trade
1
Key Statistics
revenue
2
$336.3 $260.0 $250.6
Avg Liability Balances ($B)
Record revenue in WSS driven by higher
Assets under Custody ($T) $13.2 $14.4 $15.9
liability balances reflecting higher client
Pretax Margin 37% 29% 35% deposit activity as a result of recent
3
47% 46% 56%
ROE market conditions and wider spreads in
foreign exchange, offset partially by the
TSS Firmwide Revenue $3,090 $2,672 $2,636
effects of market depreciation and
TS Firmwide Revenue $1,834 $1,616 $1,530
lower securities lending balances
RESULTS
2
$450.4 $359.4 $347.4
TSS Firmwide Avg Liab Bal ($B)
Expense up 10% YoY driven by:
EOP Equity ($B) $4.5 $4.5 $3.0
Business and volume growth
Actual numbers for all periods, not over/under
1
FINANCIAL
Investment in new product platforms
Includes deposits and deposits swept to on-balance sheet liabilities
2
3 Calculated based on average equity. 4Q08 average equity was $4.5B
18
20. Asset Management
$ in millions
$ in millions
Net income of $255mm down 52% YoY, due to lower
$ O/(U)
revenue offset partially by lower noninterest expense
4Q08 3Q08 4Q07
Pretax margin of 25%
Revenue $1,658 ($303) ($731)
Assets under management of $1.1T, down 5% YoY
Private Bank 630 (1) (20)
Market declines drove AUM down by $211B
Private Wealth Management 330 (22) (15)
Net AUM inflows of $61B for the quarter; $151B for
Institutional 327 (159) (427)
the past 12 months
Retail 265 (134) (375)
Growth of 53% in liquidity products and $15B from
Bear Stearns Brokerage 106 13 106 the Bear Stearns merger
Credit Costs 32 12 33
Revenue of $1.7B down 31% YoY due to:
Expense 1,213 (149) (346)
The effect of lower markets, including the impact
Net Income $255 ($96) ($272)
of lower market valuations of seed capital
1
Key Statistics ($B)
investments and lower performance fees
2
Assets under Management $1,133 $1,153 $1,193 Offset partially by higher deposit revenue and the
2
Assets under Supervision $1,496 $1,562 $1,572 benefit of the Bear Stearns merger
3
Average Loans Varied global investment performance
$36.9 $39.8 $32.6
76% of mutual fund AUM ranked in the first or
Average Deposits $76.9 $65.6 $64.6
RESULTS
second quartiles over past five years; 65% over
Pretax Margin 25% 30% 35% past three years; 54% over one year
4
ROE 14% 25% 52%
Expense down 22% YoY, due to lower performance-
EOP Equity $7.0 $7.0 $4.0
based compensation, partially offset by the Bear
FINANCIAL
Actual numbers for all periods, not over/under
1
Stearns merger
Reflects $15B for assets under management and $68B for assets under supervision from the Bear
2
Stearns merger on May 30, 2008
3 Reflects the transfer commencing in 1Q07 of held-for-investment prime mortgage loans from AM to
Corporate within the Corporate/Private Equity segment
4 Calculated based on average equity. 4Q08 average equity was $7B
19
21. Corporate/Private Equity
Corporate/Private Equity Net Income - $ in millions
Corporate/Private Equity Net Income - $ in millions
$ O/(U)
Private Equity
4Q08 3Q08 4Q07
Private Equity losses of $1.1B in 4Q08
Private Equity ($682) ($518) ($1,038)
EOP Private Equity portfolio of $6.9B
Represents 5.8% of shareholders’
Corporate 1,163 2,044 1,235
equity less goodwill
Merger-related items 1,064 1,799 1,078
Corporate
Net income of $1.2B includes:
1
$1,545 $3,325 $1,275
Net Income
$627mm (after-tax) Paymentech gain
on sale
Includes after-tax merger cost of $14mm in 4Q07
1
Merger-Related Items (after-tax)
Bear Stearns
RESULTS
($201mm) of merger-related items
WaMu
$1.3B extraordinary gain
FINANCIAL
($77mm) of merger expense
20
22. Capital Management
$ in billions
$ in billions
4Q08 3Q08 4Q07
1
Tier 1 Capital $136 $112 $89
2
Tangible Common Equity $81 $86 $72
1
Risk Weighted Assets $1,259 $1,261 $1,052
Tangible Assets $2,121 $2,200 $1,511
1
Tier 1 Capital Ratio 10.8% 8.9% 8.4%
1
Total Capital Ratio 14.7% 12.6% 12.6%
1
Tier 1 Leverage Ratio 6.9% 7.2% 6.0%
Tangible Common Equity/Tangible Assets 3.8% 3.9% 4.8%
1,2
TCE/Managed RWA 7.9% 7.4% 6.7%
Key Points SFAS 140/FIN46R change – Potential Impact ($ in billions)
Key Points SFAS 140/FIN46R change – Potential Impact ($ in billions)
Regulatory capital ratios under Basel II would be 9/30/08 10Q balances GAAP Assets RWA (Basel I)
higher Credit Card $129 $70 +/- $40 +/-
RESULTS
Conduits 43 40 +/- −
Credit reserves of $24B at 12/31/08 versus $10B at
Other 564 50 +/- 50 +/-
12/31/07
Total $736 $160 +/- $90 +/-
SFAS 140/FIN46R rule changes not yet released, best Tier 1 Capital Ratio (0.80%) +/-
estimates of impact being factored into balance sheet
FINANCIAL
Ultimate impact could differ significantly due to final
and capital planning
requirements of the rule and market conditions
Note: Firm-wide Level 3 assets are expected to be approximately 6% of total firm assets at 12/31/08
21
1 Estimated for 4Q08
2 See note 1 on slide 24
23. Outlook
Investment Bank Treasury and Security Services
Investment Bank Treasury and Security Services
Net interest income impacted by spreads in low interest
Continued lower earnings is a reasonable expectation
rate environment and liability balance behavior
Uncertain environment, risks still remain
Higher credit costs expected
Asset Management
Asset Management
Management and performance fees impacted by lower
Retail Financial Services
Retail Financial Services market levels and changing asset mix
At current market levels, quarterly revenue of $1.8B +/- is
Expect home lending quarterly losses (incl. WaMu) over the
a reasonable run rate for the near term
next several quarters of:
Home equity - $1B +/-
Corporate/Private Equity
Prime mortgage - $400mm Corporate/Private Equity
Subprime mortgage - $375mm-$425mm Private Equity
If economic conditions deteriorate, additional reserves likely At current market levels, expect possible write-downs
Solid underlying growth in Consumer Banking over near term
Strong 4Q08 MSR risk management results – do not expect to
Corporate
be repeated
More sizable investment portfolio; results will be volatile
Card Services
Card Services
Overall
Overall
Expect losses (ex. WaMu) to approach 7.00% in 1Q09 and
Earnings expectations for Bear Stearns and WaMu still on
possibly reach 8.00% +/- near end of 2009
track
RESULTS
Lower charge volume
Merger-related items of approximately ($600mm) +/-
after-tax anticipated in 2009
Commercial Banking
Commercial Banking If economy weakens further, there will be:
Net interest income impacted by spreads in low interest Increase in credit losses
FINANCIAL
rate environment and liability balance behavior Additional reserving actions
Higher credit costs expected
Lower business volumes
Lower asset prices across market-sensitive businesses
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25. Notes on non-GAAP financial measures and forward-looking statements
This presentation includes non-GAAP financial measures.
1. TCE as shown on slides 1 and 2, which is used for purposes of calculating return on tangible common equity and
presented as Tangible Common Equity on slide 21 (line 2), is defined as common stockholders' equity less identifiable
intangible assets (other than MSRs) and goodwill. TCE as shown in slide 21 (line 9) in the TCE/Managed RWA ratio, which
is used for purposes of a capital strength calculation, is defined as common stockholders' equity plus a portion of
preferred stock and junior subordinated notes (which have certain equity-like characteristics due to their subordinated
and long-term nature) less identifiable intangible assets (other than MSRs) and goodwill. For 4Q08, the identifiable
intanagible assets and goodwill are deducted net of deferred tax liabilities related to identifiable intangibles created in
non-taxable transactions and deferred tax liabilities related to tax deductible goodwill. This latter definition of TCE is
used by the firm and certain credit rating agencies when analyzing the firm's capital strength. The TCE measures used in
this presentation are not necessarily comparable to similarly titled measures provided by other firms due to differences
in calculation methodologies.
2. Financial results are presented on a managed basis, as such basis is described in the firm’s Quarterly Report on Form 10-
Q for the quarter ended September 30, 2008 and in the Annual Report on Form 10-K for the year ended December 31,
2007.
3. All non-GAAP financial measures included in this presentation are provided to assist readers in understanding certain
trend information. Additional information concerning such non-GAAP financial measures can be found in the above-
referenced filings, to which reference is hereby made.
Forward looking statements
This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of
1995. Such statements are based upon the current beliefs and expectations of JPMorgan Chase’s management and are subject
RESULTS
to significant risks and uncertainties. Actual results may differ from those set forth in the forward-looking statements.
Factors that could cause JPMorgan Chase’s actual results to differ materially from those described in the forward-looking
statements can be found in JPMorgan Chase’s Quarterly Reports on Form 10-Q for the quarters ended September 30, 2008,
June 30, 2008, and March 31, 2008 and its Annual Report on Form 10-K for the year ended December 31, 2007, each of which
has been filed with the Securities and Exchange Commission and available on JPMorgan Chase’s website
FINANCIAL
(www.jpmorganchase.com) and on the Securities and Exchange Commission’s website (www.sec.gov). JPMorgan Chase does
not undertake to update the forward-looking statements to reflect the impact of circumstances or events that may arise
after the date of the forward-looking statements.
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