Goldman Sachs reports earnings surge

Investment bank Goldman Sachs Group said on Tuesday its quarterly earnings more than doubled, driven by strong revenue from stock and bond trading and its leadership position as a mergers and acquisitions adviser.

The New York-based brokerage reported net income for the first quarter ended Feb. 27 rose to $1.29 billion, or $2.50 per share, from $622 million, or $1.29 per share, during the same period last year.

The firm's profits easily exceeded expectations on Wall Street, and shares of Goldman Sachs rose to $102.98 on the INET electronic brokerage system in pre-market trade, up from a closing price of $101.30 on Monday on the New York Stock Exchange.

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Like other big investment banks that reported strong results this quarter, Goldman Sachs has benefited from a strong market for trading bonds and a rebound in equity and mergers and acquisitions deals.

The average analyst polled by Reuters Research, a unit of Reuters Group Plc, expected Goldman to post quarterly profits of $1.65 per share.

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Revenue from trading and principal investments, which includes trades that Goldman makes with its own cash, were $4.12 billion, up 47 percent from the year-earlier quarter and up 57 percent from the fourth quarter of last year.

Revenue for the division that trades fixed-income securities and commodities rose to a record $2.1 billion, 9 percent more than the same quarter last year. Net revenue in equities trading rose 77 percent to $1.66 billion.

Net investment banking revenue was $763 million compared to $718 million a year earlier. Goldman was the top global adviser of mergers and acquisitions last year, and leads competitors so far in 2004.