JPMorgan Chase & Co. Earnings: Bad Luck Continues

S&P 500 (NYSE:SPY) component JPMorgan Chase & Co. (NYSE:JPM) reported its results for the fourth quarter. J.P. Morgan Chase is a global securities, investment banking and retail banking firm with operations worldwide.

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JPMorgan Chase Earnings Cheat Sheet for the Fourth Quarter.

Results: Net income for the financial services company fell to $3.73 billion (90 cents per share) vs. $4.83 billion ($1.12 per share) a year earlier. This is a decline of 22.8% from the year earlier quarter.

Revenue: Fell 17% to $22.2 billion from the year earlier quarter.

Actual vs. Wall St. Expectations: JPM fell short of the mean analyst estimate of 92 cents per share. It fell short of the average revenue estimate of $23.44 billion.

Quoting Management: Jamie Dimon, Chairman and Chief Executive Officer commented: “Every day, we put the Firm’s resources to work to help our customers, corporate clients and the communities where we do business. During 2011, the Firm provided credit2 and raised capital of over $1.8 trillion for our commercial and consumer clients, up 18% from the prior year. We provided more than $17 billion of credit to U.S. small businesses, up 52% over prior year. We raised capital or provided credit of $68 billion for more than 1,200 not-for-profit and government entities, including states, municipalities, hospitals and universities. We also provided new credit cards to 8.5 million people and originated more than 765,000 mortgages. In order to help struggling homeowners, the Firm has offered more than 1.2 million mortgage modifications since 2009, of which 452,000 were completed.”

Key Stats:

The company has now seen net income fall in each of the last two quarters. In the third quarter, net income fell 3.5% from the year earlier quarter.

The company fell short of forecasts after beating estimates in the previous two quarters. In the third quarter, it topped the mark by 9 cents, and in the second quarter, it was ahead by 6 cents.

Looking Forward: The outlook for the company’s results in the upcoming quarter is unfavorable. The average estimate for the first quarter of the next fiscal year is $1.15 per share, down from $1.28 ninety days ago. The average estimate for the fiscal year is $4.50 per share, down from $4.59 ninety days ago.

Competitors to Watch: Bank of America Corp. (NYSE:BAC), Wells Fargo & Company (NYSE:WFC), Citigroup Inc. (NYSE:C), Goldman Sachs Group, Inc. (NYSE:GS), Deutsche Bank AG (NYSE:DB), Morgan Stanley (NYSE:MS), U.S. Bancorp (NYSE:USB), SunTrust Banks, Inc. (NYSE:STI), UBS AG (NYSE:UBS), and KeyCorp (NYSE:KEY).

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(Company fundamentals provided by Xignite Financials. Earnings estimates provided by Zacks).

To contact the reporter on this story: Derek Hoffman at staff.writers@wallstcheatsheet.com

To contact the editor responsible for this story: Damien Hoffman at editors@wallstcheatsheet.com