State Street (STT) Beats Q1 Views on Top and Bottom Lines, Some Uncertainty Lies Ahead
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Price: $65.16 +2.12%
Revenue Growth %: +2.1%
Financial Fact:
Management fees: 263M
Today's EPS Names:
LBIX, ESEA, ISS, More
Revenue Growth %: +2.1%
Financial Fact:
Management fees: 263M
Today's EPS Names:
LBIX, ESEA, ISS, More
Trade STT Now!
State Street Corp. (NYSE: STT) shares are trading stronger in pre-market action Tuesday following a first-quarter earnings beat from the Boston, MA-based financial institution.
State Street reported EPS of $0.93 in the quarter, down 6.1 percent from the first quarter of last year. Excluding net interest income associated with discount accretion related to asset-backed commercial paper conduit securities, EPS was $0.88.
Operating revenue in the quarter was $2.33 billion, up 2.1 percent from $2.281 billion for the same period last year.
Overall, the Street was looking for EPS of $0.86 on sales of $2.29 billion.
State Street's Tier 1 capital ratio dropped 90 basis points to 19.6 percent, with total capital ratio off 40 basis points to 21.6 percent.
Chair and CEO Joseph Hooley commented, "In the first quarter the performance of our core asset servicing and asset management businesses continued to be strong. In addition, we achieved positive operating leverage in the first quarter of 2011 on an operating basis, compared to the first quarter of 2010...While the recovery in the U.S. appears to be slowly strengthening and we have put some issues behind us, uncertainty still affects world markets, particularly in light of developments in the Middle East and Japan."
State Street stock is up about 0.5 percent ahead of the market open Tuesday.
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State Street reported EPS of $0.93 in the quarter, down 6.1 percent from the first quarter of last year. Excluding net interest income associated with discount accretion related to asset-backed commercial paper conduit securities, EPS was $0.88.
Operating revenue in the quarter was $2.33 billion, up 2.1 percent from $2.281 billion for the same period last year.
Overall, the Street was looking for EPS of $0.86 on sales of $2.29 billion.
State Street's Tier 1 capital ratio dropped 90 basis points to 19.6 percent, with total capital ratio off 40 basis points to 21.6 percent.
Chair and CEO Joseph Hooley commented, "In the first quarter the performance of our core asset servicing and asset management businesses continued to be strong. In addition, we achieved positive operating leverage in the first quarter of 2011 on an operating basis, compared to the first quarter of 2010...While the recovery in the U.S. appears to be slowly strengthening and we have put some issues behind us, uncertainty still affects world markets, particularly in light of developments in the Middle East and Japan."
State Street stock is up about 0.5 percent ahead of the market open Tuesday.
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