State Street (STT) Tops Q1 EPS by 18c

State Street (NYSE: STT) reported Q1 EPS of $1.69, $0.18 better than the analyst estimate of $1.51. Revenue for the quarter came in at $3.14 billion versus the consensus estimate of $3.06 billion.

Ron O'Hanley, Chairman and Chief Executive Officer: "We continued to execute on our strategic priorities to grow fee revenue and invest in our business while diligently managing our overall expense base, and returning capital to our shareholders, which enabled us to achieve positive fee operating leverage and strong EPS performance in the first quarter, excluding notable items."

O'Hanley added: "Fee revenue growth, on a year-over-year basis, reflected robust performance across our Global Advisors and Front office solutions businesses, which, along with growth in Servicing fees, more than offset lower trading revenues as volatility remained muted. Our Alpha platform continued to resonate with clients and we reported two new Alpha mandate wins in the quarter."

O'Hanley concluded: "I am encouraged by our strong start to the year and remain confident in the trajectory of our business. We will continue to focus on driving positive fee operating leverage through fee revenue growth, innovation, automation, and productivity while maintaining our strong balance sheet position."

For earnings history and earnings-related data on State Street (STT) click here.

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