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State Street Q3 Profit Down, But Results Top Estimates

State Street Corp. (STT) reported that its third-quarter net income available to common shareholders decreased to $517 million from $528 million in the prior year. But earnings per share increased to $1.45 from $$1.42 in the previous year.

Earnings per share, excluding certain items, were $1.45 compared to $1.51 last year. Analysts polled by Thomson Reuters expected the company to report earnings of $1.41 per share for the quarter. Analysts' estimates typically exclude special items.

Total revenue for the quarter declined to $2.78 billion from $2.90 billion last year. Analysts expected revenues of $2.77 billion for the quarter.

Fee revenue increased 2%, largely due to improving servicing and management fees, stronger Charles River Development revenue and FX trading services, partially offset by a decline in securities finance revenue.

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