Earnings per share
State Street Corporation (STT) beat analysts’ expectations for earnings per share or EPS as well as revenues for 1Q18. The company reported EPS of $1.62, beating analysts’ projections by $0.04. The EPS reflect a substantial rise of 41% on a YoY basis. Management reflected favorable views for the 1Q18 results and stated that they were helped by favorable momentum in net interest income as well as fee revenues.
State Street’s servicing fees witnessed a rise in 1Q18 on a YoY basis, thanks to an upward trend in business activities as well as equity markets. Competitor (XLF) T.Rowe Price Group (TROW) plans to announce its results for the March 2018 quarter on April 25. Invesco Limited (IVZ) and Franklin Resources (BEN) are slated to report on April 26.
For 1Q18, State Street recorded total revenues of $3.02 billion, which beat Wall Street estimates by $20 million. The company is expected to see an uptrend in 2018, which could help it accomplish its 2018 objectives. Moreover, it plans to continue to aim at new offerings and satisfying clients’ needs.
In 1Q18, State Street’s assets under custody and administration, or AUCA, rose 12% on a YoY basis. In 1Q18, the company’s assets under management, or AUM, appreciated 7% YoY.
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