What are the key financial results reported by J.P. Morgan Chase for the second quarter of 2002?

J.P. Morgan Chase reported second quarter 2002 reported earnings per share (EPS) of $0.50 and net income of $1,028 million. Operating EPS was $0.58 and operating earnings were $1,179 million. These figures represent an improvement compared to both the first quarter of 2002 and the second quarter of 2001.

How do the Q2 2002 results compare to the prior year's Q2 results?

Reported EPS increased significantly from $0.18 in Q2 2001 to $0.50 in Q2 2002. Net income rose from $378 million in Q2 2001 to $1,028 million in Q2 2002. Operating EPS also showed substantial growth, increasing from $0.38 in Q2 2001 to $0.58 in Q2 2002, with operating earnings rising from $786 million to $1,179 million over the same period.

What is the significance of the mention of SFAS 142 and goodwill amortization?

The filing indicates that 2001 operating earnings were adjusted by adding back goodwill amortization to make them comparable to 2002 results. This adjustment is due to the implementation of SFAS 142 (Statement of Financial Accounting Standards No. 142), which changed the accounting for goodwill. SFAS 142, effective January 1, 2002, stopped the amortization of goodwill and instead required it to be tested for impairment.

Where can investors find more detailed financial information and disclosures about risks?

Investors can refer to the attached press release and the 2002 Second Quarter Financial Supplement, which are included as exhibits to this 8-K filing. The filing also directs investors to J.P. Morgan Chase's Quarterly Report on Form 10-Q for the quarter ended March 31, 2002, and its 2001 Annual Report on Form 10-K for a description of risks and uncertainties related to its forward-looking statements.

JPMORGAN CHASE & CO 8-K SEC Disclosure

Summary

JPMorgan Chase & Co. (JPM) filed an 8-K on July 18, 2002, reporting its second quarter 2002 financial results. The company announced reported earnings per share (EPS) of $0.50, an increase from $0.48 in the first quarter of 2002 and a significant jump from $0.18 in the second quarter of 2001. Net income for the quarter was $1,028 million, up from $982 million in the prior quarter and $378 million year-over-year. Furthermore, operating EPS, which excludes certain merger and restructuring charges, was $0.58, showing improvement over $0.57 in Q1 2002 and $0.38 in Q2 2001. Operating earnings were $1,179 million, also an increase from the previous quarter and the prior year. The filing notes that 2001 operating earnings were restated to include the amortization of goodwill for comparability with 2002 results under SFAS 142. The report includes a press release with detailed financial information and forward-looking statements subject to risks and uncertainties.

Key Highlights

1Reported EPS of $0.50 for Q2 2002, up from $0.48 in Q1 2002 and $0.18 in Q2 2001.
2Reported net income of $1,028 million for Q2 2002, an increase from $982 million in Q1 2002 and $378 million in Q2 2001.
3Operating EPS of $0.58 for Q2 2002, showing growth from $0.57 in Q1 2002 and $0.38 in Q2 2001.
4Operating earnings of $1,179 million for Q2 2002, higher than $1,150 million in Q1 2002 and $786 million in Q2 2001.
52001 operating earnings restated to include goodwill amortization for SFAS 142 comparability.
6Press release and financial supplement attached as exhibits provide further details.
7Forward-looking statements are included, with disclosures on associated risks and uncertainties.

JPMORGAN CHASE & CO 8-K Report (Jul 19, 2002)

Summary

Key Highlights

Frequently Asked Questions