U.S. News

Wachovia Earns $1.19 a Share in Fourth Quarter


Wachovia on Tuesday reported a rise in fourth-quarter net income from the year-ago period and a sharp jump in sales, boosted by its acquisition of Golden West Financial.

Earnings Central: Banks

Wachovia said it earned $2.3 billion, or $1.20 per share, in the last three months of 2006, up from $1.71 billion, or $1.09 per share, in the same quarter a year ago. Excluding non-recurring items and discountinued operations, Wachovia earned $1.19 a share, a penny higher than the $1.18 a share analysts polled by Thomson Financial predicted.

Revenues climbed 31% from the year-ago period to $8.59 billion, well ahead of expectations for $7.81 billion. Wachovia completed its $24 billion acquisition of Golden West Financial in October.

The bank will host a conference call and webcast at 8 am New York time.