Through TheFLY's Eyes: Bear Stearns
Bear Shows That The Bull Run Is Not Done
Following on the heels of solid quarterly earnings reports from Goldman Sachs (GS) and Lehman Bros. (LEH), Bear Stearns (BSC) Thursday reported record earnings, with quarterly profits increasing 81% to $3.72 per share, compared to $2.09 per share a year ago, and the $3.11 Reuters consensus estimate.
Bear said quarterly revenue increased 33% to $2.5B compared to the $2.1B Reuters consensus estimate. Bear registered solid revenue gains in several key divisions, including the following: capital markets, up 40%; fixed income, up 45%; and trading, up 29%.
Bear said it was very pleased with report, and noted that the results demonstrate that the company has increased the depth and breadth of its businesses, both domestically and internationally.
Wall Street’s initial response Thursday to the report was favorable, as Bear Stearns’ shares advanced $4.11 to $128.35 in mid-day trading.