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.