8-KOther Events

JPMORGAN CHASE & CO 8-K Report (Oct 19, 2001)

Filed October 19, 2001For Securities:JPMJPM-PCJPM-PDJPM-PKJPM-PLJPM-PMJPM-PJAMJBVYLD

Summary

JPMorgan Chase & Co. (JPM) filed an 8-K on October 18, 2001, reporting its third-quarter 2001 financial results. The company announced operating earnings per share of $0.51, a significant increase from $0.33 in the second quarter of 2001, but down from $0.70 in the third quarter of 2000. Operating income was reported at $1,036 million, a substantial rise from the previous quarter ($690 million) but lower than the $1,419 million generated in the same quarter of the prior year. Reported net income, which accounts for merger and restructuring costs, was $449 million or $0.22 per share for Q3 2001. This is an improvement over Q2 2001 ($378 million or $0.18 per share) but considerably less than Q3 2000 ($1,398 million or $0.69 per share). The filing also includes a forward-looking statement acknowledging the potential adverse effects of the September 11, 2001 events on the company's markets and businesses, which could impact actual results.

Key Highlights

  • 1JPM reported Q3 2001 operating earnings per share of $0.51, up from $0.33 in Q2 2001 but down from $0.70 in Q3 2000.
  • 2Operating income for Q3 2001 was $1,036 million, a strong increase from Q2 2001 ($690 million) but lower than Q3 2000 ($1,419 million).
  • 3Reported net income for Q3 2001 was $449 million ($0.22 per share), an improvement over Q2 2001 ($378 million or $0.18 per share).
  • 4Net income in Q3 2001 was significantly lower than the $1,398 million ($0.69 per share) reported in Q3 2000, reflecting merger and restructuring costs.
  • 5The company acknowledged the potential negative impact of the September 11, 2001 events on its business and markets.
  • 6Forward-looking statements in the press release are subject to risks and uncertainties, including the aftermath of September 11th.

Frequently Asked Questions

JPMorgan Chase reported operating earnings per share of $0.51 and operating income of $1,036 million for the third quarter of 2001. Reported net income, which includes merger and restructuring costs, was $449 million or $0.22 per share.

Operating earnings per share increased from $0.33 in Q2 2001 but decreased from $0.70 in Q3 2000. Operating income also increased from Q2 2001 but was lower than Q3 2000. Reported net income showed improvement from Q2 2001 but was substantially lower than Q3 2000, impacted by merger and restructuring costs.

The company noted that the events of September 11, 2001, and their aftermath could have an adverse effect on markets and businesses, potentially exacerbating other risks and causing actual results to differ from forward-looking statements. This indicates management's awareness of the uncertainty and potential challenges ahead.

Yes, the reported net income includes merger and restructuring costs, which is why it is lower than the operating income and significantly lower than the comparable period in the prior year.