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STT State Street reports EPS in-line, beats on revs; guides FY10 EPS in-line
Reports Q2 (Jun) earnings of $0.93 per share, in-line with the Thomson Reuters consensus of $0.93; revenues rose 8.6% year/year to $2.3 bln vs the $2.25 bln consensus. Co issues in-line guidance for FY10, sees EPS of 'slightly higher than' $3.32 vs. $3.34 Thomson Reuters consensus. Expenses of $1.944 billion in the second quarter increased from $1.364 billion in the second quarter of 2009 due primarily to a securities lending charge. Return on shareholders' equity was 11.0%, down from 13.0%, before the extraordinary loss, in the second quarter of 2009. "I am pleased with the clear signs that our business in the second quarter strengthened compared with the first quarter and overall confirmed our full-year outlook for 2010. AUM fell 7.6% q/q to $1.782 trl. At June 30, 2010, the after-tax, unrealized mark-to-market losses in the investment portfolio were $994 million, down 31% from $1.44 billion at March 31, 2010, and down about 79% from $4.75 billion as of June 30, 2009.
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