Goldman Sachs Posts Results
Published January 17, 2025

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.