Goldman Beats Estimates

Lloyd Fonzie Blankfein

Goldman Sachs has reported earnings that topped analysts’ estimates on an increase in revenue from underwriting stocks and bonds.

First-quarter net income rose 7% to $2.26bn, from $2.11bn a year earlier, the firm said Tuesday in a statement. That beat the average estimate of 24 analysts in a Bloomberg survey.

CEO Lloyd Blankfein, 58, is seeking to increase return on equity, which was 10.7% last year, by cutting $1.9bn in expenses and benefiting as trading volume increases and some competitors exit business lines. Revenue fell by more than a quarter since the end of 2007.

'It was a pretty good quarter from a capital-markets perspective', Keith Davis, an analyst at Farr, Miller & Washington LLC, which manages about $890m, including shares of Goldman Sachs, said before the results were released.

Goldman held the top spot among arrangers of global equity, equity-linked and rights offerings in the first quarter, according to data compiled by Bloomberg. It ranked second in advising on announced mergers and acquisitions and fifth in underwriting U.S. bonds, the data show.

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