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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) Q3 Earnings Beat Estimates, Revenues Up Y/Y (Revised)
Have you been eager to see how The Bank of New York Mellon Corporation (BK - Free Report) performed in Q3 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 earnings of $1.06 per share, surpassing the Zacks Consensus Estimate of $1.04. The figure was up 12.8% from the prior year quarter.
Results were aided by a rise in revenues, partly offset by higher expenses.
How Was the Estimate Revision Trend?
You should note that the earnings estimate revisions for BNY Mellon depicted neutral stance prior to the earnings release. The Zacks Consensus Estimate remained stable over the last seven days.
Moreover, BNY Mellon has a decent earnings surprise history. Before posting earnings beat in Q3, the company delivered positive surprises in two of the prior four quarters. Overall, the company surpassed the Zacks Consensus Estimate by an average of 4.7% in the trailing four quarters.
Revenue Came In Lower Than Expected
BNY Mellon posted revenues of $4.07 billion, lagging the Zacks Consensus Estimate of $4.14 billion. However, it compared favorably with the year-ago number of $4.02 billion.
Key Stats to Note:
What Zacks Rank Says
The estimate revisions that we discussed earlier have driven a Zacks Rank #3 (Hold) 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.
(You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.)
Check back later for our full write up on this BNY Mellon earnings report!
(We are reissuing this article to correct a mistake. The original article, issued on October 18, 2018, should no longer be relied upon.)