Yes, I just saw the news over at Yahoo!:
First Union matches profit estimates
By Jon Friedman, CBS MarketWatch
Last Update: 8:45 AM ET Jan 14, 2000
NewsWatch
Net Stocks
CHARLOTTE, N.C. (CBS.MW) -- First Union, a large regional bank,
Friday matched Wall Street's earnings estimates when it reported fourth
quarter operated earnings of $846 million or 86 cents a share, down from
$993 million or $1 a share a year ago.
For this quarter, the First Call consensus was 86 cents.
The Charlotte-based bank posted 1999 operating
earnings of $3.5 billion, or $3.60 a share, including
previously disclosed nonrecurring gains of 20 cents a
share linked to the sale of First Union's interest in
Electronic Payment Services Inc. and the sale of
factoring assets, the company said.
Excluding these one-time gains, profits came to $3.3
billion, or $3.40 a share. Operating earnings of $3.5
billion, or $3.60 a share, compared with $3.7 billion, or
$3.77 a share, in 1998.
Operating earnings exclude merger-related and
restructuring charges of $263 million after-tax, or 27
cents a share, in 1999 and $805 million after-tax, or 82
cents a share, in 1998.
At the conclusion of 1999, First Union had assets of
$253 billion and shareholders' equity of $17 billion.
The fourth quarter of last year excluded merger-related and restructuring
charges of $4 million after taxes, without an impact to earnings, compared
with $136 million, or 13 cents a share, in the fourth quarter of last year.
"Our return on equity and net charge-off ratios rank
among the best in the industry," said Chairman Edward
Crutchfield.
First Union (FTU: news, msgs) shares rose 7/8 to 34
ahead of the news.
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