Before Friday’s opening bell, The Bank of New York Mellon Corporation (BK) released its third quarter financial results, which came in higher from last year and beat analysts’ estimates.
BK’s Earnings in Brief
BK reported Q3 net income of $1.07 billion, or 93 cents per share, up from $962 million, or 82 cents per share a year ago. Excluding special items, earnings were $734 million, or 64 cents per share, from $713 million, or 61 cents per share in the year prior. Analysts expected to see adjusted EPS of 61 cents. Revenue rose to $4.611 billion, from $3.783 billion last year. Analysts expected the company to report revenue of $3.98 billion.CEO Commentary
BK’s Chairman and CEO Gerald L. Hassell noted: “We grew Investment Management and Investment Services fees, controlled expenses and executed on our capital plan. During the quarter, we also repositioned the Markets Group, which will improve our operating margin and return on capital. We achieved this despite a challenging environment, demonstrating the resilience of our business model and the exceptional efforts of our employees.”
BK’s Dividend
The bank paid its last 17 cent dividend on August 8. We expect the company to declare its next dividend sometime in October.
BK Dividend SnapshotAs of market close on October 16, 2014
Click here to see the complete history of BK dividends.
The Bank of New York Mellon shares were mostly flat during premarket trading Friday. The stock is up 3.49% YTD.
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