JPMorgan Chase & Co. Posts Lower Q4 Revenue and Income; Misses Estimates (JPM)

Before the opening bell on Tuesday, JPMorgan Chase (JPM) announced its fourth quarter earnings, with revenue and net income coming in slightly below last year’s Q4 figures.

JPM Earnings in Brief

JPMorgan announced fourth quarter consolidated revenues of $23.16 billion on a reported basis, down 2% from last year’s Q4 revenues of $23.65 billion. The company’s net income for the quarter came in at $5.28 billion, down from $5.69 billion in last year’s Q4. JPM’s EPS came in at $1.30 per diluted share for the most recent quarter, down 6% from last year’s Q4 EPS of $1.39 per diluted share. JPMorgan was unable to beat analysts’ estimates of $1.35 EPS on revenues of $23.68 billion. For the full year, JPM reported revenues of $99.8 billion, net income of $17.9 billion, and EPS of $4.35. Net income and EPS were lower than last year, primarily due to JPM’s regulatory settlements.

CEO Commentary

Jamie Dimon, JPMorgan Chase’s CEO and chairman, had the following comments about JPM’s legal and regulatory problems, and its quarterly and yearly performance: “We are pleased to have made progress on our control, regulatory and litigation agendas and to have put some significant issues behind us this quarter. We reached several important resolutions – Global RMBS, Gibbs & Bruns, and Madoff. It was in the best interests of our company and shareholders for us to accept responsibility, resolve these issues and move forward. This will allow us to focus on what we are here for: serving our clients and communities around the world. We remained focused on building our four leading franchises, which all continued to deliver strong underlying performance, for the quarter and the year.”

No Payout Change

JPM did not make any mention of changing its dividend in the quarterly report. This was to be expected as the company announced a dividend raise of 8 cents in May of 2013 for the company’s July 31 payout. The company’s next 38 cent payout is January 31, and the stock went ex-dividend on January 2.

Stock Performance

JPM stock was down at the end of yesterday’s trading, but was up 18 cents, or 0.31%, in pre-market trading this morning. The company is 2.98% off its 52-week high.