Several companies declared quarterly earnings before the market opened, while many companies are scheduled to report their financial results after the closing bell today. Some notable earners are discussed here.
The Bank of New York Mellon Corp. (NYSE: BK), a financial services company, declared fiscal 2011 third quarter earnings early today. During the quarter, it reported net income of $651 million, or $0.53 per common share, compared with $622 million, or $0.51 per common share, in the third quarter of 2010 and $735 million, or $0.59 per common share, in the second quarter of 2011. Analysts expected a net profit of $0.53 per share for the company. Its net revenue fell to $3.7 billion from $3.8 billion in the previous quarter. Chairman Gerald L Hassell said, "Year-over-year, we achieved revenue and earnings growth as we benefited from new business wins, net long-term asset flows and increased deposits. We also delivered positive operating leverage despite higher legal and severance costs, and generated a 22 percent return on tangible common equity for the quarter."
Morgan Stanley (NYSE: MS), a leading financial holding company, declared FY 2011 Q3 earnings early today. The company reported net income of $2.2 billion, or $1.14 per diluted share, for the third quarter ended September 30, 2011, compared with income of $314 million, or $0.05 per diluted share, for the same period a year ago. Analysts estimated a net profit of $0.30 per share. Net revenue was $9.9 billion for the current quarter compared with $6.8 billion a year ago. Results for the current quarter included positive revenue of $3.4 billion, or $1.12 per diluted share, compared with negative revenue of $731 million a year ago. Year-ago results were harmed by changes in Morgan Stanley's debt-related credit spreads and other credit factors. In the same period a year ago, the bank had a loss of $91 million, or 7 cents per share, on revenue of $6.8 billion.
BlackRock Inc. (NYSE: BLK), a publicly owned investment manager, announced its FY 2011 Q3 earnings today. It reported third quarter 2011 net income of $595 million, up 8 percent from year-ago net income of $551 million. Third quarter diluted EPS, as adjusted, was $2.83, up 3 percent, from third quarter 2010 EPS of $2.75. Analysts forecasted a net profit of $2.74 per share. Operating income was $777 million and non-operating expense, net of non-controlling interests, was $87 million. The third quarter 2011 operating margin was 34.9 percent. Its revenue rose 6 percent to $2.2 billion from $2.09 billion in the previous year. Chairman and CEO Laurence D.