State Street Q1 Operating Profit Misses Estimates - Quick Facts

(RTTNews) - Custodian bank State Street Corp. (STT) reported Friday that its first-quarter net income available to common shareholders fell to $356 million from last year's $455 million. Earnings per share of $0.81 decreased from $0.98 a year ago.

The latest results were hurt by $0.11 per share of severance costs to realign staffing.

On an operating basis, excluding items, net income available to common shareholders was $433 million or $0.99 per share, compared to last year's $443 million or $0.96 per share.

On average, 19 analysts polled by Thomson Reuters expected the company to report earnings of $1.00 per share for the quarter. Analysts' estimates typically exclude special items.

The company noted that the latest quarter' earnings per share included an incremental $146 million, or $0.23 per share primarily associated with the seasonal deferred incentive compensation expense for retirement-eligible employees and payroll taxes, up from $118 million, or $0.18 per share recorded in the first quarter of 2013.

Revenue of $2.49 billion increased from $2.44 billion last year. Operating revenue of $2.56 billion increased from $2.47 billion in 2013. Analysts estimated revenues of $2.53 billion for the quarter.

Net interest revenue dropped to $555 million from $576 million last year.