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State Street (STT) Beats on Q2 Earnings, Revenue Lags
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Have you been eager to see how State Street Corporation (STT - Free Report) performed in Q2 in comparison with the market expectations? Let’s quickly scan through the key facts from this MA -based popular company’s earnings release this morning:
An Earnings Beat
State Street came out with operating earnings of $1.67 per share, which beat the Zacks Consensus Estimate of $1.57.
Rise in revenues primarily supported the results.
How Was the Estimate Revision Trend?
You should note that the earnings estimate revisions for State Street depicted a bullish stance prior to the earnings release. The Zacks Consensus Estimate increased by a penny over the last 7 days.
Also, State Street has a decent earnings surprise history. Before posting the earnings beat in Q2, the company delivered positive surprises in all four trailing quarters, with an average beat of 11.4%.
State Street posted revenues (on GAAP basis) of $2.81 billion, which was below the Zacks Consensus Estimate of $2.84 billion.
Key Q2 Statistics
New asset servicing mandates totaled $135 billion
Restructuring costs associated with State Street Beacon were $62 million
The acquired GE Asset Management operations delivered accretive earnings ahead of announced plans, excluding merger and integration costs
What Zacks Rank Says
The estimate revisions that we discussed earlier have driven a Zacks Rank #2 (Buy) for State Street. However, is since the latest earnings performance 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.
Check back later for our full write up on this State Street earnings report!
The Hottest Tech Mega-Trend of All
Last year, it generated $8 billion in global revenues. By 2020, it's predicted to blast through the roof to $47 billion. Famed investor Mark Cuban says it will produce ""the world's first trillionaries,"" but that should still leave plenty of money for regular investors who make the right trades early. See Zacks' 3 Best Stocks to Play This Trend >>
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State Street (STT) Beats on Q2 Earnings, Revenue Lags
Have you been eager to see how State Street Corporation (STT - Free Report) performed in Q2 in comparison with the market expectations? Let’s quickly scan through the key facts from this MA -based popular company’s earnings release this morning:
An Earnings Beat
State Street came out with operating earnings of $1.67 per share, which beat the Zacks Consensus Estimate of $1.57.
Rise in revenues primarily supported the results.
How Was the Estimate Revision Trend?
You should note that the earnings estimate revisions for State Street depicted a bullish stance prior to the earnings release. The Zacks Consensus Estimate increased by a penny over the last 7 days.
Also, State Street has a decent earnings surprise history. Before posting the earnings beat in Q2, the company delivered positive surprises in all four trailing quarters, with an average beat of 11.4%.
State Street Corporation Price and EPS Surprise
State Street Corporation Price and EPS Surprise | State Street Corporation Quote
Revenue Came In Lower than Expected
State Street posted revenues (on GAAP basis) of $2.81 billion, which was below the Zacks Consensus Estimate of $2.84 billion.
Key Q2 Statistics
What Zacks Rank Says
The estimate revisions that we discussed earlier have driven a Zacks Rank #2 (Buy) for State Street. However, is since the latest earnings performance 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 State Street earnings report!
The Hottest Tech Mega-Trend of All
Last year, it generated $8 billion in global revenues. By 2020, it's predicted to blast through the roof to $47 billion. Famed investor Mark Cuban says it will produce ""the world's first trillionaries,"" but that should still leave plenty of money for regular investors who make the right trades early. See Zacks' 3 Best Stocks to Play This Trend >>