Goldman 2Q EPS 78C vs. $1.99 Estimates

Ouch…. It looks bad on first sight, but when we exclude non-recurring items (SEC settlement,  U.K. bank payroll tax) the figure is $2.75.

Press release.

The Goldman Sachs Group, Inc. (NYSE: GS) today reported net revenues of $8.84 billion and net earnings of $613 million for its second quarter ended June 30, 2010. Diluted earnings per common share were $0.78 compared with $4.93 for the second quarter of 2009 and $5.59 for the first quarter of 2010. Annualized return on average common shareholders’ equity (ROE) (2) was 7.9% for the second quarter of 2010 and 13.1% for the first half of 2010.

Excluding the impact of the $600 million related to the U.K. bank payroll tax and the $550 million related to the SEC settlement, diluted earnings per common share were $2.75 for the second quarter of 2010 and annualized ROE was 9.5% (1) for the second quarter of 2010 and 14.8%  for the first half of 2010.

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