Goldman Sachs (GS) released its fourth quarter and full-year earnings on Wednesday, January 15. The company topped analysts’ expectations, causing the investment firm’s shares to climb over 5% after the release of the report.

Revenue came in at $13.87 billion during the fourth quarter, up 23% from revenue of $11.32 billion at this time last year. The results exceeded analysts’ expectations of $12.39 billion for the quarter. Full-year revenue returned at $53.51 billion, a 16% increase from $46.25 billion in fiscal 2023.

“We are very pleased with our strong results for the quarter and the year,” said Goldman Sachs CEO, David Solomon. “I am encouraged that we have met or exceeded almost all of the targets we set in our strategy to grow the firm five years ago, and as a result, have both grown our revenues by nearly 50% and enhanced the durability of our franchise. With an improving operating backdrop and growing CEO confidence, we are harnessing the power of One Goldman Sachs to continue to serve our clients with excellence and create further value for our shareholders.”

The company reported net income of $4.11 billion for the quarter or $11.95 per adjusted share. This was up from $2.01 billion or $5.48 per adjusted share reported in the same quarter last year. For the full year, the company reported net income of $14.28 billion or $40.54 per adjusted share. This was up from net income of $8.52 billion or $22.87 per adjusted share in fiscal 2023.

Goldman Sachs’ Asset and Wealth Management segment generated revenue of $4.72 billion during the quarter, an 8% improvement over the same quarter last year. The increase was driven by higher management and incentive fees and higher revenues in private banking and lending. However, this was partially offset by lower revenues in debt and equity investments. The company’s Global Banking and Markets segment revenue grew 33% to $8.48 billion compared to this time last year. Goldman Sachs saw a 12% increase during the year of assets under supervision to reach a record high of $3.14 trillion.

Goldman Sachs (GS) shares ended the week at $625.94, up 12% for the week.

H.B. Fuller Announces Earnings Report

H.B. Fuller (FUL) announced its fourth quarter and full-year earnings on Wednesday, January 15. The manufacturer of industrial adhesives and other specialty chemical products reported sales that beat expectations for the quarter, yet its shares dropped by 2.6% after the release of the report.

The company’s net revenue for the fourth quarter totaled $923.3 million. This was up 2.3% from revenue of $902.9 million during the same quarter last year and surpassed analysts’ estimates of $916.8 million. Full-year revenue returned at $3.6 billion, a 1.6% increase from $3.5 billion in fiscal 2023.

“Overall, I am proud of the progress we made in fiscal year 2024,” said H.B. Fuller CEO, Celeste Mastin. “We are intensely focused on what we can control and have already begun executing additional pricing actions and cost controls to prudently prepare for a challenging volume growth environment in 2025. Our strategic plan to continue to evolve H.B. Fuller into a higher growth, higher margin company remains on track on the timeline we originally communicated.”

H.B. Fuller reported a net loss of $7.4 million or $0.13 per adjusted share for the quarter. This is compared to net income of $45.0 million or $0.80 per adjusted share reported during the same quarter last year. For the full year, the company reported net income of $130.3 million or $2.30 per adjusted share. This was down from net income of $144.9 million or $2.59 per adjusted share in fiscal 2023.

The Minnesota-based company reported an increase in sales across several segments. The Hygiene, Health and Consumable Adhesives segment net sales decreased by 3.7%, falling to $395.7 million for the quarter. The Engineering Adhesives segment reported sales increased 4.4% in the fourth quarter to $381.9 million. Sales in the Construction Adhesives segment rose by 15.5% to $145.7 million. H.B. Fuller Company issued its full year 2025 guidance and expects net revenue to decrease 2% to 4% and earnings per diluted share in the range between $3.90 and $4.20.

H.B. Fuller Company (FUL) shares ended the week at $62.09, up 2% for the week.

Bank of America’s Fourth Quarter Results

Bank of America Corporation (BAC) released its fourth quarter and full-year earnings on Thursday, January 16. Despite topping analysts’ expectations, the company’s shares remained relatively unchanged in premarket trading following the release of the report.

Revenue came in at $25.3 billion during the fourth quarter, up 15% from revenue of $22.0 billion at this time last year. The results exceeded analysts’ expectations of $25.2 billion for the quarter. Full-year revenue returned at $101.9 billion, a 3% increase from $98.6 billion in fiscal 2023.

“We finished 2024 with a strong fourth quarter,” said Bank of America CEO, Brian Moynihan. “Every source of revenue increased, and we saw better than industry growth in deposits and loans. We also ended with strong capital and liquidity, enabling us to return $21 billion of capital to shareholders in 2024. We believe this broad momentum sets up 2025 very well for Bank of America. I thank all my teammates for another great year, and together we look forward to driving the company forward in 2025 against the backdrop of a solid economic environment."

The company reported net income of $6.7 billion for the quarter or $0.82 per adjusted share. This is up from $3.1 billion or $0.35 per adjusted share in the same quarter last year. For the full year, the company reported net income of $27.1 billion or $3.21 per adjusted share. This was up from net income of $26.5 billion or $3.08 per adjusted share in fiscal 2023.

Bank of America’s Consumer Banking segment generated revenue of $10.6 billion during the quarter, a 3% improvement from $10.3 billion in the same quarter last year. The segment added over 213,000 net new consumer checking accounts, marking the sixth year of consecutive quarterly growth. The company’s Global Wealth and Investment Management segment garnered revenue of $6.0 billion, a 15% increase from $5.2 billion reported a year ago. The segment experienced client balances increased 12% to $4.3 trillion, driven by higher market valuations and positive net client flows.

Bank of America Corporation (BAC) shares ended the week at $46.53, up 3% for the week.

The Dow started the week at 41,925 and closed at 43,488 on 1/17. The S&P 500 started the week at 5,782 and closed at 5,997. The NASDAQ started the week at 18,904 and closed at 19,630.

U.S. Treasury yields fell midweek as inflation reports revealed consumer prices increased in December. Yields trended lower toward the end of the week as the latest employment data showed the labor market remains resilient.

On Wednesday, the U.S. Bureau of Labor Statistics announced that the consumer price index (CPI), which measures the cost of dozens of everyday consumer goods, increased 0.4% in December, surpassing economists’ forecast of 0.3% for the month. The CPI year-over-year came in at 2.9%, in line with economists’ projections.

“Today’s CPI may help the Fed feel a little more dovish. It will not change expectations for a pause later this month, but it should curb some of the talk about the Fed potentially raising rates,” said chief economic strategist at Morgan Stanley Wealth Management, Ellen Zentner. “And judging by the market’s initial response, investors appeared to feel a sense of relief after a few months of stickier inflation readings.”

The benchmark 10-year Treasury note yield opened the week of January 13 at 4.77% and traded as low as 4.59% on Thursday. The 30-year Treasury bond opened the week at 4.95% and traded as low as 4.83% on Thursday.

On Thursday, the U.S. Department of Labor reported that initial claims for unemployment increased by 14,000 to 217,000 for the week ending January 11. Continuing unemployment claims decreased by 18,000, reaching 1.86 million.

"The initial jobless claims were more than expected, so that signals some weakening in the labor market," said chief operating officer at Allegiance Gold, Alex Ebkarian.

The 10-year Treasury note yield finished the week of 1/13 at 4.63%, while the 30-year Treasury note yield finished the week at 4.86%.

Freddie Mac released its latest Primary Mortgage Market Survey on Thursday, January 16. The survey showed the 30-year fixed rate exceeded 7%.

This week, the 30-year fixed rate mortgage averaged 7.04%, up from last week’s average of 6.93%. Last year at this time, the 30-year fixed rate mortgage averaged 6.60%.

The 15-year fixed rate mortgage averaged 6.27% this week, up from last week’s 6.14%. During the same week last year, the 15-year fixed rate mortgage averaged 5.76%.

“Mortgage rates ticked up for the fifth consecutive week and crossed 7% for the first time since May of 2024,” said Freddie Mac’s Chief Economist, Sam Khater. “The underlying strength of the economy is contributing to this increase in rates. Despite rising rates, Freddie Mac research highlights that consumers can save money if they shop for several different lender quotes.”

Based on published national averages, the savings rate was 0.42% as of 12/16. The one-year CD averaged 1.83%.

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