State Street (STT) Tops Q2 EPS by 25c

July 17, 2020 7:23 AM EDT
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Price: $86.75 +1.21%

Revenue Growth %: -3.9%

Financial Fact:
Net income: 563M

Today's EPS Names:
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State Street (NYSE: STT) reported Q2 EPS of $1.86, $0.25 better than the analyst estimate of $1.61. Revenue for the quarter came in at $2.94 billion versus the consensus estimate of $2.87 billion.

Ron O'Hanley, Chairman and Chief Executive Officer: "Our second quarter results again reflect the strength of our business model and the dedication and talent of our employees. Amid a very challenging operating environment, we achieved growth in servicing fees year-on-year, strong business wins, and continuing demand for Charles River Development solutions and our State Street Alpha front-to-back asset servicing platform. With volatility still heightened, foreign exchange trading services revenue also increased year-on-year. We provided comprehensive support to clients, employees, and communities while also realizing operational efficiencies and reducing expenses."

O'Hanley added: "Although the shape of the economic recovery remains uncertain, we remain focused on being an essential partner to our clients and a high performing organization. Our capital position remains strong, as evidenced by the Federal Reserve's most recent stress test, and we are confident in our ability to continue to operate effectively, help stabilize the financial markets as needed, and support our clients with our balance sheet. As we continue to navigate this extraordinarily challenging time, we are creating a strong foundation for future growth and are well positioned to return capital to shareholders."

For earnings history and earnings-related data on State Street (STT) click here.

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