Citigroup Inc
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Financials : Banks | Large Cap Value
Company profile

Citigroup Inc. is a diversified financial services holding company. The Company provides a range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, trade and securities services and wealth management. Its operating business segments include Institutional Clients Group (ICG), Personal Banking and Wealth Management (PBWM), Legacy Franchises and Corporate/Other. ICG segment consists of services, markets, and banking that provides corporate, institutional, and public sector clients with a range of wholesale banking products and services. The Company’s PBWM segment consists of United States (US) personal banking and global wealth management, providing traditional banking services and credit cards to retail and small business customers in the U.S. Its Legacy Franchises segment includes Asia consumer banking, Mexico consumer banking/Mexico small business and middle-market banking (SBMM) and legacy holdings assets.

Closing Price
Day's Change
0.27 (0.53%)
B/A Size
Day's High
Day's Low

10-day average volume:

Dow adjusted profit falls 60% but tops expectations, stock slips

6:14 am ET October 20, 2022 (MarketWatch)

Shares of Dow Inc. slipped 0.6% in premarket trading Thursday, after the specialty chemicals company reported third-quarter profit and sales that fell from a year ago, as higher energy costs hurt margins, but still beat expectations. The company said it has outlined plans to cut costs by $1 billion in 2023 as the macroeconomic environment remains "dynamic." Net income dropped to $760 million, or $1.02 a share, from $1.71 billion, or $2.23 a share, in the year-ago period. Excluding nonrecurring items, adjusted earnings per share of $1.11 was down 60% from a year ago but topped the FactSet consensus of $1.08. Sales declined 4.9% to $14.12 billion, but was well above the FactSet consensus of $13.06 billion, with all business segments beating forecasts. While sales fell, cost of sales increased 6.6% to $12.38 billion, as gross margin contracted to 12.3% from 21.7%. "Underlying demand remains resilient in the U.S., while high energy and feedstock costs are driving record inflation and impacting demand in the Eurozone, and ongoing lockdowns in China continue to pressure both consumer spending and infrastructure investments," said Chief Executive Jim Fitterling. The stock has dropped 14.1% over the past three months through Wednesday, while the Dow Jones Industrial Average has lost 4.6%.

-Tomi Kilgore


(END) Dow Jones Newswires

October 20, 2022 06:14 ET (10:14 GMT)

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