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BNY Mellon’s (BK) Q1 Earnings & Revenue Improve Y/Y

Zacks

Have you been eager to see how The Bank of New York Mellon Corporation BK performed in Q1 in comparison with the market expectations? Let’s quickly scan through the key facts from this New York-based financial services company’s earnings release this morning:

Earnings

BNY Mellon came out with adjusted earnings of 80 cents per share, up 9.5% from the prior year quarter. The Zacks Consensus Estimate of 80 cents. Earnings in the reported quarter excluded 3 cents per share of tax benefit related to new accounting guidance for stock awards.

Rise in revenues was the primary reason for improved earnings.

How Was the Estimate Revision Trend?

You should note that the earnings estimate revisions for BNY Mellon depicted a neutral stance prior to the earnings release. The Zacks Consensus Estimate remained stable over the last 7 days.

BNY Mellon has a decent earnings surprise history. The company delivered positive surprises in three of the trailing four quarters, with an average beat of 5%.

Bank Of New York Mellon Corporation (The) Price and EPS Surprise

Bank Of New York Mellon Corporation (The) Price and EPS Surprise | Bank Of New York Mellon Corporation (The) Quote


Revenues

BNY Mellon posted total revenues of $3.83 billion, relatively in line with the Zacks Consensus Estimate. However, it compared favorably with the year-ago figure of $3.73 billion.

Key Statistics

  • Provision for credit losses was benefit of $5 million
  • Assets under custody and/or administration grew 5% year over year
  • Repurchased 19 million common shares for $879 million


What Zacks Rank Says

The estimate revisions that we discussed earlier have driven a Zacks Rank #3(Hold) for BNY Mellon. However, since the latest earnings performance is yet to be reflected in the estimate revisions, the rank is subject to change. While things apparently look favorable, it all depends on what sense the just-released report makes to the analysts.

(You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.)

Check back later for our full write up on this BNY Mellon earnings report!

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