State Street Corp. (STT) reported that its first-quarter net income available to common shareholders increased to $455 million increased from $417 million in the first quarter of 2012. Earnings per share for the quarter was $0.98 up from $0.85 in the prior year quarter.
Earnings per share included the effects of $118 million and $105 million in the first quarter of 2013 and first quarter of 2012, respectively, of equity incentive compensation expense for retirement-eligible employees and payroll taxes.
On a non-GAAP basis, net income available to common shareholders for the quarter was $443 million higher than $410 million in the prior year quarter. Non-GAAP earnings per share grew to $0.96 from $0.84 in the year ago quarter. Analysts polled by Thomson Reuters expected the company to report earnings of $0.93 per share for the quarter. Analysts' estimates typically exclude special items.
GAAP revenue of $2.44 billion increased 1% from the first quarter of 2012. Non-GAAP Revenue of $2.47 billion increased from $2.42 billion in the first quarter of 2012. Fourteen analysts had consensus revenue estimate of $2.48 billion for the quarter.
For comments and feedback: editorial@rttnews.com