With Citigroup Inc. (NYSE: C) set to release Q2 earnings tomorrow morning at 9 am EDT, will the company be able to meet analyst estimates of $1.14 in earnings per share? The Old Lane Partners acquisition just closed on July 8, so that is behind the company. More importantly, its involvement in the subprime lending market is souring. But Citigroup is so well diversified that pinches like this are unlikely to dent earnings.The consensus is an EPS growth rate of about 8.38% from the year-ago quarter, which I believe Citi will move past with an EPS of about $1.15. The company continues to make inroads in the global lending market, and as Citi marches forward into non-U.S. markets (South America, China and India), the global finance company should move slowly and surely upward -- and I'm referring to its common share price.
Join me right here at BloggingStocks at 9 am EDT tomorrow, Friday, as I'll be liveblogging the company's Q2 results. We'll see whether current CEO Chuck Prince has anything to say about where he is going (heh, doubtful). Citi's lackluster share price movement in the last 18 months has some speculating that Prince is not acclimating the company fast enough to global change. But turning things on and off within Citigroup is not as simple as flicking a light switch.
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