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The Bank of New York Mellon Corp. Q3 Profit Decreases, but beats estimates

The Bank of New York Mellon Corp. (BK) released earnings for third quarter that decreased from last year but beat the Street estimates.

The company's bottom line totaled $319 million, or $0.39 per share. This compares with $881 million, or $1.04 per share, in last year's third quarter.

Excluding items, The Bank of New York Mellon Corp. reported adjusted earnings of $983 million or $1.21 per share for the period.

Analysts on average had expected the company to earn $1.10 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

The company's revenue for the quarter rose 5.9% to $4.28 billion from $4.04 billion last year.

The Bank of New York Mellon Corp. earnings at a glance (GAAP) :

-Earnings (Q3): $319 Mln. vs. $881 Mln. last year.
-EPS (Q3): $0.39 vs. $1.04 last year.
-Analyst Estimates: $1.10
-Revenue (Q3): $4.28 Bln vs. $4.04 Bln last year.

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