The Bank of New York Mellon Corp. Q3 Profit Decreases, but beats estimates

(RTTNews) - The Bank of New York Mellon Corp. (BK) released earnings for third quarter that decreased from last year but beat the Street estimates.

The company's bottom line totaled $319 million, or $0.39 per share. This compares with $881 million, or $1.04 per share, in last year's third quarter.

Excluding items, The Bank of New York Mellon Corp. reported adjusted earnings of $983 million or $1.21 per share for the period.

Analysts on average had expected the company to earn $1.10 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

The company's revenue for the quarter rose 5.9% to $4.28 billion from $4.04 billion last year.

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

-Earnings (Q3): $319 Mln. vs. $881 Mln. last year. -EPS (Q3): $0.39 vs. $1.04 last year. -Analyst Estimates: $1.10 -Revenue (Q3): $4.28 Bln vs. $4.04 Bln last year.