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Rating:Goldman’s Earnings and Investment Results Both Dazzled Not Rated 5.0 Email Routing List Email & Route  Print Print
Wednesday, January 16, 2013

Goldman’s Earnings and Investment Results Both Dazzled

Reported by Tommy Fernandez

Goldman Sachs [profile] may have blown the socks off industry analysts and their estimates, but it also did pretty well in the investment management space.

The firm, of course, reported diluted earnings per common share of $5.60 for the fourth quarter of 2012, nearly triple the $1.84 reported for the fourth quarter of 2011. Analysts’ estimates for the quarter were $3.66 per share.

That was the result of fourth quarter net revenues of $9.24 billion and net earnings of $2.89 billion.

However, just as worthy of note was the firm’s investment management performance.

Fourth Quarter

The company reported that net revenues in Investment Management were $1.52 billion for the fourth quarter of 2012, 20 percent higher than the fourth quarter of 2011 and 26 percent higher than the third quarter of 2012. The increase in net revenues compared with the fourth quarter of 2011, the company said, was primarily due to “significantly higher incentive fees and higher management and other fees.”

Meanwhile during the quarter, assets under supervision increased $14 billion to $965 billion. Assets under management decreased $2 billion to $854 billion, reflecting net outflows of $7 billion, partially offset by net market appreciation of $5 billion. Net outflows included outflows in fixed income, equity and alternative investment assets, partially offset by inflows in money market assets. Other client assets increased $16 billion to $111 billion, primarily due to net inflows.

Full Year Net revenues in investment management were $5.22 billion for 2012, 4 percent higher than 2011, also due to significantly higher incentive fees, partially offset by lower transaction revenues and slightly lower management and other fees.

Moreover, during the year, assets under supervision (increased $70 billion, or nearly 8 percent, to $965 billion. Assets under management increased $26 billion to $854 billion, reflecting net market appreciation of $44 billion, primarily in fixed income and equity assets, partially offset by net outflows of $18 billion.

Net outflows included outflows in equity, alternative investment and money market assets, partially offset by inflows in fixed income assets. Other client assets increased $44 billion to $111 billion, primarily due to net inflows.

Operating expenses were $22.96 billion for 2012, essentially unchanged compared with 2011.  

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