Bank of New York Mellon (NYSE:BK) earnings for first quarter of 2020 have BK stock heading higher on Thursday. That’s due to its diluted earnings per share (EPS) of $1.05 beating out Wall Street’s estimate of 88 cents. The banking company’s revenue of $4.11 billion also comes in well above analysts’ estimate of $3.85 billion.
Now, let’s see what else went right in the most recent Bank of New York Mellon earnings report.
- Diluted per-share earnings are up 11.7% from 94 cents during the same period of the year prior.
- Revenue comes in 5.39% higher than the $3.9 billion reported in the first quarter of 2019.
- The Bank of New York Mellon earnings report also has it bringing in a net income of $962 million.
- That’s a slight increase over the company’s net income of $956 million from the same time last year.
Todd Gibbons, chief executive officer of Bank of New York Mellon, said this about the BK stock earnings report:
“Throughout the coronavirus crisis, we remain focused on the health and wellbeing of our people, providing continuity of service to our clients and maintaining our balance sheet so we are able to assist our clients. Despite the unprecedented global market disruption, we have stayed fully operational, demonstrating our resiliency and our commitment and capacity to support our clients when they need us most.”
The Bank of New York Mellon earnings report doesn’t include its 2020 outlook. However, we know what Wall Street expects. That includes a diluted EPS of $3.34 on revenue of $14.97 billion.
BK stock was up 4.09% as of Thursday afternoon.
As of this writing, William White did not hold a position in any of the aforementioned securities.