State Street Corp. (STT) Tops Q1 EPS by 3c

April 19, 2013 7:16 AM EDT
State Street Corp. (NYSE: STT) reported Q1 EPS of $0.96, $0.03 better than the analyst estimate of $0.93. Revenue for the quarter came in at $2.44 billion versus the consensus estimate of $2.48 billion.

In announcing today's financial results, Joseph L. Hooley, State Street's chairman, president and chief executive officer, said, “The first-quarter results reflect good performance and our continued commitment to delivering value-added solutions to our clients across our asset servicing and asset management businesses. The strength in the equity markets, combined with higher volumes and increased volatility in foreign-exchange trading, supported our fee revenue. We continue to control expenses across the organization and generate benefits from our transformation program. As a result, we achieved positive operating leverage as compared to the year-ago quarter.

"Overall, the environment continues to show signs of gradual improvement as reflected by investors shifting into equities. However, given the ongoing fragile state of the global markets, we continue to remain cautious for 2013.

"We continue to prioritize the return of capital to our shareholders. During the first quarter of 2013, we completed the final phase of our $1.8 billion common stock purchase program announced in March 2012 with the purchase of approximately $360 million of our common stock. In March 2013, State Street's Board of Directors approved a $2.1 billion common stock purchase program following the Federal Reserve's 2013 Comprehensive Capital Analysis and Review (CCAR) process, reflecting our continued strong capital position. We also increased our common stock dividend by $0.02 to $0.26 per share during the quarter."

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

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