Citigroup Swings To Profit But Misses Estimates (C)

New York, New York-based Citigroup, Inc. C announced on Tuesday morning that it missed consensus Wall Street earnings estimates. Citigroup, Inc reported that it swung to a 4th quarter profit with net income of $1.3 billion, or 4 cents per share, compared to a net loss of $7.6 billion, or 33 cents per share, a year earlier. According to a survey of analysts by Thomson Reuters, the average Wall Street estimate called for earnings of 8 cents per share. CEO Vikram Pandit said, “We have the right strategy for our company's present and future and are executing it with discipline. Although the economic environment remains uncertain, our future path is clear: As America's global bank, we've built a foundation capable of producing sustained profitability and our next goal is to achieve responsible growth.” Citigroup, Inc. (C) closed the previous trading day at $5.13 per share. Analysts covering the company's stock give it a consensus price target of $5.49 per share. Citigroup, Inc has approximately 200 million customer accounts and does business in more than 160 countries and jurisdictions. Through Citicorp and Citi Holdings, Citi provides consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, transaction services, and wealth management. Read more from Benzinga's Company news.