How did C's Q1 2024 EPS outperform forecasts?

Citigroup's (C) Q1 2024 EPS outperformed forecasts due to several key factors:

1. Strategic Overhaul: Citigroup's CEO, Jane Fraser, has been implementing a comprehensive overhaul of the bank, focusing on streamlining operations and boosting profitability. This strategic direction seems to be yielding positive results, as evidenced by the bank's improved financial performance.
2. Revenue Growth: The bank has been experiencing revenue growth, which is a direct result of Jane Fraser's efforts to revitalize Citigroup. This growth in revenue is a critical component in boosting EPS and, consequently, outperforming forecasts.
3. Cost Management: Citigroup has been effective in managing costs, which has contributed to higher profitability margins. Effective cost management is a key factor in boosting EPS, as it allows the bank to retain more of its revenues as profit after covering all expenses.
4. One-Time Items: There may have been one-time items or non-recurring expenses that positively impacted Citigroup's EPS in Q1 2024. Such items can sometimes lead to unexpected increases in profitability, making it difficult to forecast EPS accurately.

In conclusion, Citigroup's Q1 2024 EPS outperformance can be attributed to a combination of strategic initiatives, revenue growth, effective cost management, and one-time items. These factors collectively contribute to the bank's ability to exceed market expectations in terms of EPS.