|
Goldman 3Q beats Street
|
 |
September 19, 2000: 10:45 a.m. ET
Company cites M&A strength for better-than-expected results
|
NEW YORK (CNNfn) - Goldman Sachs Group Tuesday reported fiscal third-quarter profits of $1.62 a diluted share, beating Wall Street forecasts of $1.51 a share and its year-earlier results.
New York-based Goldman Sachs (GS: Research, Estimates) said net earnings for the quarter ended Aug. 25 rose to $824 million from $638 million a year earlier. Earnings per share rose 24 percent from the $1.32 reported a year earlier.
Total net revenues rose 33 percent to $4.53 billion.
The investment bank cited strength in its mergers and acquisitions advisory business, trading and principal investment business, and public offering as reasons for its strong results.
 Goldman, which ranks as the top underwriter on a number of analysts' lists, ranks first in worldwide, U.S. and European IPOs this year, according to Thomson Financial Securities Data. The company also ranks as the top merger adviser for the year.
Investment banking revenues for the quarter rose 15 percent from a year ago to $1.32 billion, while underwriting revenues jumped 21 percent to $648 million.
"These results demonstrate the strength and scale of our global franchise," Chairman and CEO Henry M. Paulson Jr. said. "To ensure our position at the center of financial markets, we continue to build out our technology-driven trading platform."
In September, Goldman bought market maker Spear Leeds & Kellogg EP for $6.65 billion cash in an effort to reach out further to retail investors.
After the merger, Goldman will be the largest specialist for executing trades for buyers and sellers on both the New York and American stock exchanges, and the second-largest clearing firm on the Nasdaq exchange.
Goldman Sachs shares rose 94 cents to $119.50 in Tuesday morning New York Stock Exchange trading. 
|
|
|
|
|
|
Goldman Sachs
|
Note: Pages will open in a new browser window
External sites are not endorsed by CNNmoney
|
|
|
|
 |
|
