First Republic (FRC) stock fell as much as 20% late Monday after the lender posted its first quarterly results since the recent bank crisis.
The San Francisco-based lender reported deposits fell by $72 billion during the quarter. A consortium of the biggest US banks banded together to rescue the lender with $30 billion of uninsured deposits last month to stave off a bank run; excluding these deposits First Republic saw more than $100 billion leave the bank in the first quarter.
Revenue for the quarter came in at $1.2 billion, down 13.4% year-over year but ahead of estimates of $1.12 billion. First quarter earnings per share of $1.23 versus Wall Street expectations of 85 cents.
The bank also said it plans to cut 20%-25% of its workforce in the second quarter of this year while the bank is “pursuing strategic options to expedite its progress while reinforcing its capital position.”
“With the stabilization of our deposit base and the strength of our credit quality and capital position, we continue to take steps to strengthen our business,” read a joint earnings statement by Jim Herbert, founder and executive chairman, and Mike Roffler, CEO and President of First Republic.
Whirlpool’s (WHR) first quarter net sales came in at $4.65 billion, beating estimates for $4.5 billion. The company reported earnings per share of $2.66, beating Wall Street expectations for earnings of $2.28 per share.
The company reaffirmed its 2023 net sales guidance of approximately $19.4 billion and revised its earnings outlook for the year from $16.00-$18.00 to $13.00-$15.00 per share.
“In Q1, we delivered significant sequential margin expansion, in particular in North America. These results demonstrate our progress against our operational priorities and put us on track to deliver a solid 2023,” said Marc Bitzer, chairman and chief executive officer of Whirlpool.
Whirlpool shares rose 3% in after hours trading following the results.
Cleveland-Cliffs (CLF) stock fell 2% after the company posted a first quarter loss per share of 11 cents, narrower than Wall Street’s 20 cent per share estimated loss.
Revenue of $5.30 billion came in above estimates for $5.22 billion.
The steel producer and supplier lowered its capital expenditure guidance for the full year to $675-$725 million, drown from the $700-$750 million previously estimated.