The Bank of New York Mellon Corp. Q4 Profit Decreases, but beats estimates

(RTTNews) - The Bank of New York Mellon Corp. (BK) announced a profit for fourth quarter that decreased from the same period last year but beat the Street estimates.

The company's earnings totaled $509 million, or $0.62 per share. This compares with $822 million, or $1.01 per share, in last year's fourth quarter.

Excluding items, The Bank of New York Mellon Corp. reported adjusted earnings of $1.06 billion or $1.30 per share for the period.

Analysts on average had expected the company to earn $0.83 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

The company's revenue for the quarter fell 2.5% to $3.92 billion from $4.02 billion last year.

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

-Earnings (Q4): $509 Mln. vs. $822 Mln. last year. -EPS (Q4): $0.62 vs. $1.01 last year. -Analyst Estimates: $0.83 -Revenue (Q4): $3.92 Bln vs. $4.02 Bln last year.