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The Bank of New York Mellon Corporation (BK) - free report >>
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The Bank of New York Mellon Corporation (BK) - free report >>
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BNY Mellon (BK) Beats on Q2 Earnings; Revenues Fall
Have you been eager to see how The Bank of New York Mellon Corporation (BK - Free Report) performed in Q2 in comparison with the market expectations? Let’s quickly scan through the key facts from this New York-based financial services company’s earnings release this morning:
An Earnings Beat
BNY Mellon came out with adjusted earnings of 76 cents per share, which beat the Zacks Consensus Estimate by a penny.
Lower expenses were mainly responsible for earnings beat.
How Was the Estimate Revision Trend?
You should note that the earnings estimate revisions for BNY Mellon depicted a bearish stance prior to the earnings release. The Zacks Consensus Estimate declined by a penny over the last 30 days.
BNY Mellon has a decent earnings surprise history. Before posting earnings beat in Q2, the company delivered positive surprises in all the prior four quarters, with an average beat of 8.99% in the trailing four quarters.
BANK OF NY MELL Price and EPS Surprise
BANK OF NY MELL Price and EPS Surprise | BANK OF NY MELL Quote
Lower than Expected Revenues
BNY Mellon posted total revenues of $3.77 billion, which came below the Zacks Consensus Estimate of $3.79 billion. However, it compared unfavorably with the year-ago figure of $3.85 billion.
Key Statistics
What Zacks Rank Says
The estimate revisions that we discussed earlier have driven a Zacks Rank #4 (Sell) for BNY Mellon. However, since the latest earnings performance is yet to be reflected in the estimate revisions, the rank is subject to change. While things apparently look favorable, it all depends on what sense the just-released report makes to the analysts.
Check back later for our full write up on this BNY Mellon earnings report!
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