Before the bell: Futures still up despite weak Citigroup earnings

U.S. futures are up this morning despite news of another bad quarter from Citigroup (NYSE: C). The financial services giant this morning reported a Q1 loss of $5 billion, or $1.02 per share, following $12 billion in write-downs on mortgage-related securities and leveraged buyout loans. Analysts had expected better figures but the market apparently took heart that they weren't worse.

There were some good earnings reports for the bulls this morning. Dow 30 component Caterpillar Inc. (NYSE: CAT) earned $1.45 per share on revenues of $11.8 billion in the first quarter, beating estimates of $1.33, and projected strong full-year revenues and earnings. The company did foresee continuing weakness in the U.S. economy but remains somewhat upbeat on prospects for the global economy.

Honeywell International Inc (NYSE: HON) said its Q1 earnings rose more than 22% on strong demand from the aviation and commercial construction sectors. Honeywell earned $643 million, or 85 cents per diluted share, compared with $526 million, or 66 cents a share, a year ago. Xerox is also due to report before the markets open.

Google (NASDAQ: GOOG) reported a 30% increase in Q1 profit after the close Thursday, beating expectations by more than 30 cents a share. Its revenues were up 42%, to $5.19 billion, over the same period last year. Google's shares soared 17% in an after-hours "relief rally."

Thursday markets were flat on a day of mixed earnings reports, with Merrill Lynch disappointing, but IBM beating estimates. The Dow Jones industrial average rose 1.22 points or 0.01%; the S&P 500 was up 0.85 point or 0.06%; and the Nasdaq Composite lost 8.28 points or 0.35%.

No economic data are expected today.