BAC: Bank of America shares rise 2% following beat on earnings per share
Bank of America (BAC $9.11 +0.18) reported first quarter earnings of $0.03 per share, may not be comparable to the Capital IQ Consensus Estimate of $0.11, while revenues fell 17.0% year/year to $22.48 billion versus the $22.38 bln consensus. Results include negative valuation adjustments related to changes in the company's credit spreads of $4.8 billion pretax, or $0.28 a share. Excluding the valuation adjustments from both periods, revenue was down 3% in the first quarter of 2012 to $27.3 billion.
"The narrowing of our credit spreads reflects the significant progress we've made to strengthen the balance sheet," said Chief Financial Officer Bruce Thompson. "During the quarter, we increased our Tier 1 common equity ratio by 92 basis points from the prior quarter, improved our liquidity to record levels and continued to reduce risk-weighted assets. While the improvement in our credit spreads results in a negative adjustment to earnings this quarter, it should not overshadow the positive momentum that we are seeing in our businesses."
R59, The above is an example of complexity you mentioned!
EXAMPLE OF PHYSICAL EQUILIBRIUM IN THE NATURAL WORLD:
