The Bank of New York Mellon (NYSE:BK) earnings for the financial company’s fourth quarter of 2019 have BK stock falling on Thursday. That’s despite its adjusted earnings per share of $1.01 and revenue of $4.78 billion. These both compare well next to Wall Street’s estimates of $1.01 per share and revenue of $3.94 billion.
Now for a more in-depth look at the most recent The Bank of New York Mellon earnings report.
- Adjusted EPS comes in 2.02% higher than the 99 cents from the same time last year.
- Revenue of $4.01 billion is a 19.20% increase from the fourth quarter of 2018.
- The Bank of New York Mellon earnings report also has net income coming in at $1.45 billion.
- This is a 66.67% improvement over the company’s net income of $870 million in the same period of the year prior.
Todd Gibbons, the interim CEO of The Bank of New York Mellon, says this about the BK stock earnings report.
“Expenses continued to be well managed as our investments to drive operating efficiencies are bearing fruit. Although we increased our technology spend by nearly 10 percent for the year, overall expenses were down. Additionally, we continue to deliver strong capital returns to shareholders, returning $4.4 billion in 2019 through share buybacks and dividends.”
The Bank of New York Mellon earnings report doesn’t include an outlook for 2020. Despite this, we know what Wall Street wants to see. That includes per-share earnings of $4.29 on revenue of $15.91 billion for the year.
BK stock was down 7.90% as of Thursday afternoon.
As of this writing, William White did not hold a position in any of the aforementioned securities.
