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Bank of America Corp.’s first-quarter income fell 39 percent on higher costs related to its mortgage business and higher litigation expenses. The bank also settled a claim over faulty mortgage investments and set aside less money to cover soured loans.
The Charlotte, N.C. bank on Friday said it earned $1.7 billion, or 17 cents per share, compared with $2.8 billion, or 28 cents a share in the first quarter of last year. The earnings fell short of the 28 cents a share estimated by analysts surveyed by FactSet.
Revenue fell to $26.9 billion from $32 billion in the same period last year.
The nation’s largest bank by assets also announced that the bank’s chief risk officer, Bruce Thompson, will become chief financial officer, replacing Chuck Noski, who was named vice chairman. Noski couldn’t relocate to Charlotte to fulfill his CFO duties because of an illness of a close family member, the bank said in a statement.
Bank of America continued to fight losses, lawsuits and higher costs related to its mortgage businesses. Read more…
Sales of Barbie and other dolls helped Mattel Inc.’s revenue rise 8 percent during the first quarter. But higher spending on advertising and other expenses outpaced sales growth and the largest U.S. toy maker’s net income fell 33 percent.
Net income fell to $16.6 million, or 5 cents per share, for the three months ended March 31, from $24.8 million, or 7 cents per share, last year. Analysts expected earnings of 4 cents per share, according to FactSet.
Revenue rose 8 percent to $951.9 million from $880.1 million. That beat analyst predictions of $905.1 million. Sales rose 7 percent in the U.S. and 10 percent internationally.
Dolls were big sellers during the quarter, typically a small one for toy makers since it follows the crucial holiday quarter. Mattel’s Barbie continued its run of strong sales, up 14 percent during the quarter. Monster High and Disney Princesses also sold well. American Girl brands rose 4 percent.
Hot Wheels rose 6 percent. Read more…