Skip navigation

As of Tuesday, November 24th:
The blended earnings growth rate for the S&P 500 for Q3 2009, combining actual numbers for companies that have reported, and estimates for companies yet to report is unchanged at -13.8% from the previous day. As of October 1st, the earnings growth rate was at -24.7%.Of the 488 S&P 500 companies who have reported Q3, 79% beat estimates, 7% were in-line, and 14% were below estimates.  The blended earnings growth rate for the S&P 500 for Q3 2009 is currently at -13.8%. (Data provided by Thomson Reuters)

LATEST EARNINGS RESULTS


Current DateTime: 01:32:43 25 Nov 2009
LinksList Documentid: 29017166
Expiration DateTime: 11/25/2009 1:33:26 AM

Current DateTime: 01:32:47 25 Nov 2009
LinksList Documentid: 24355697
  • Runway Angels

      The superbowl of fashion shows, models walk down the runway at the 2009 Victoria's Secret Show.

  • Smartphone Guide

      Here's a need-to-know guide to nine devices, based on features, price, network and platform.

  • Wines for the Holidays

      Not quite sure what wine to pair with Turkey or Creme Brulee? Our experts do.

FEATURED QUIZZES


Current DateTime: 01:32:47 25 Nov 2009
LinksList Documentid: 33793611
  • A Healthier & Wealthier You

      Take the following quiz and find out how much you know about the impact of obesity on the health of the U.S. economy.

  • The Billionaire BFF's

      Philanthropists. Bridge partners. Hockey players. Which responses are based on facts from Buffett's and Gates' real lives?

  • The Many Myths of Coca-Cola

      Can you tell which statements are true, and which ones are just rumors?


Current DateTime: 01:32:47 25 Nov 2009
LinksList Documentid: 24890560
  • Winterizing Your Portfolio

      If 2009 was the winter of our discontent, will 2010 be a winter wonderland for investors? A lot depends on the recovery—or lack thereof.

  • Investor's Guide to Real Estate

      Some even say the long-awaited recovery is here. Regardless, buyers and sellers alike can profit from our guide.

  • Alternative Investing

      Stocks and bonds? Sure. But it's a big world out there for investors.

powered by digg
State Street Quarterly Profit Up on Record Revenue
By: Reuters | 15 Jul 2008 | 09:48 AM ET
Text Size

State Street, one of the world's biggest institutional money managers, said Tuesday that second-quarter profit surged 50 percent on record revenue.

The company [STT  Loading...      ()   ], which also earns fees for holding trillions of dollars in securities in custody and calculating the bulk of mutual fund prices printed in newspapers, said the results prompted it to raise its full-year earnings targets to the higher end of its previous range.

State Street shares rose 4 percent to $57.93 in early trading on the New York Stock Exchange.

"The results were good but not great," RBC Capital Markets analyst Gerard Cassidy said.

Unrealized losses on four funds known as conduits inched higher and might rattle investors, analysts said.

Net income at the Boston-based company increased to $548 million, or $1.35 per share, from $366 million, or $1.07 a share, a year earlier.

Excluding costs from last year's acquisition of Investors Financial Services Corp, earnings were $1.40 per share, 4 cents above the average Wall Street forecast, according to Reuters Estimates.

Revenue climbed 39 percent to a record $2.7 billion. A main driver was the 71 percent jump in net interest revenue to $657 million.

This quarter the company earned significantly more money for investing funds than it had to pay out to hold customer funds, thanks in part to recent Federal Reserve interest rate cuts aimed at stimulating the sluggish economy helped.

Fee revenue, earned for managing money and servicing portfolios, for example, climbed 31 percent.

While the gain is impressive, investors tend to like fee revenue to grow more strongly than net interest revenue, RBC's Cassidy said.

Also the company said that unrealized losses in its off-balance sheet commercial paper program, called conduits, rose to $1.6 billion from $1.5 billion during the first quarter.

Three months ago when the company posted higher first quarter earnings, the news on unrealized losses rattled investors enough to obscure the other strong numbers, for a while.

Since then State Street has taken action and sold $2.8 billion in stock to act as a buffer for potential losses it might face on the mortgage-debt funds.

Overall the quarterly results were strong enough to prompt State Street, which is normally conservative, to raise its outlook for 2008 earnings to the higher end of its stated ranges.

"Given the strength of the first half of the year, we now expect both growth in operating earnings per share to approach the high end of the 10 to 15 percent range, and achievement of operating return on equity to approach the high end of the 14 percent to 17 percent range in 2008," the company said in a statement.

Last month State Street forecast revenue growth would be at the higher end of its 14 to 17 percent range but executives left the outlook for operating earnings and operating return on equity in the middle of those ranges.

Like other financial sector stocks, State Street has suffered heavy losses this year, having declined 31 percent from January to Monday while the Standard & Poor's index dropped 16 percent.

Copyright 2009 Reuters. Click for restrictions.
Tools:
Print EmailAdd This share icon

Current DateTime: 01:32:47 25 Nov 2009
LinksList Documentid: 29016957
Expiration DateTime: 11/25/2009 1:33:57 AM

Current DateTime: 01:32:48 25 Nov 2009
LinksList Documentid: 29017287
Expiration DateTime: 11/25/2009 1:33:27 AM


Current DateTime: 01:26:08 25 Nov 2009
LinksList Documentid: 29778428

Current DateTime: 01:03:47 25 Nov 2009
LinksList Documentid: 29779196

Current DateTime: 01:02:04 25 Nov 2009
LinksList Documentid: 29779199

Current DateTime: 01:02:04 25 Nov 2009
LinksList Documentid: 29779198
  Data is a real-time snapshot  *Data is delayed at least 15 minutes
Global Business and Financial News, Stock Quotes, and Market Data and Analysis

© 2009 CNBC, Inc.  All Rights Reserved.
A Division of NBC Universal
Thomson ReutersThomson Reuters