State Street Q4 Profit Rises - Quick Facts

(RTTNews) - State Street Corp. (STT) reported fourth-quarter net income available to shareholders of $545 million, compared to $468 million in the fourth quarter of 2012. Earnings per share was $1.22, compared to $1.00, a year ago. Non-GAAP net income to shareholders was $514 million or $1.15 per share, for the quarter.

The company said its earnings per share for the fourth quarter of 2013 reflected the impact of an out-of-period income tax benefit of $71 million, or $0.16 per share, associated with the completion of a multi-year data enhancement process related to its deferred income tax accounts. Earnings per share for the fourth quarter of 2013 also reflected the impact of pre-tax provisions of $45 million, or $0.06 per share, associated with previously disclosed litigation and non-U.S. regulatory matters.

On average, 21 analysts polled by Thomson Reuters expected the company to report fourth-quarter profit per share of $1.19 for the quarter. Analysts' estimates typically exclude special items.

Revenue increased to $2.46 billion from $2.45 billion, a year ago. Total revenue, on a non-GAAP basis, was $2.53 billion, compared to $2.46 billion, last year. Analysts expected revenue of $2.50 billion for the quarter.