State Street's profit rises 69%, beats expectations |
| MarketWatch - Apr 15, 2008 |
State Street Corp. reported on Tuesday that first-quarter net income rose 69% and that amid the turmoil in the markets, it expects to hit the middle of the ranges of its earnings estimates for the full year.
The Boston financial-services provider earned $530 million, or $1.35 a share, compared with $314 million, or 93 cents a share, in the year-earlier period.Wall Street analysts polled by Thomson Financial had been looking for earnings of $1.30 a share.
First-quarter earnings included merger and integration costs of $17 million, or 4 cents a share, related to the acquisition of Investors Financial Services Corp. Revenue climbed 52% to $2.58 billion.
Total expenses rose 46% from a year earlier to $1.78 billion.
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- Posted: 2008-04-15 08:34:50
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