The Bank Of New York Mellon Corp. Q1 Profit Increases, Beats Estimates

(RTTNews) - The Bank of New York Mellon Corp. (BK) reported earnings for its first quarter that increased from the same period last year and beat the Street estimates.

The company's bottom line totaled $1.149 billion, or $1.58 per share. This compares with $953 million, or $1.25 per share, last year.

Excluding items, The Bank of New York Mellon Corp. reported adjusted earnings of $1.58 per share for the period.

Analysts on average had expected the company to earn $1.49 per share. Analysts' estimates typically exclude special items.

The company's revenue for the period rose 5.9% to $4.792 billion from $4.527 billion last year.

The Bank of New York Mellon Corp. earnings at a glance (GAAP) :

-Earnings: $1.149 Bln. vs. $953 Mln. last year. -EPS: $1.58 vs. $1.25 last year. -Revenue: $4.792 Bln vs. $4.527 Bln last year.

Robin Vince, CEO of Bank of New York Mellon, said: “Looking ahead, we are prepared for a wide range of macroeconomic and market scenarios as the outlook for the operating environment is becoming more uncertain.”

BK was up by 4.15 percent at $79.79 per share in the pre-market trade on the New York Stock Exchange.