State Street Q2 Profit Tops View - Quick Facts

(RTTNews) - State Street Corp. (STT) reported that its second-quarter net income available to common shareholders rose to $571 million from $480 million in the second quarter of 2012. Earnings per share was $1.24 from $0.98 in the same quarter last year.

On non-GAAP basis, net income available to common shareholders was $571 million up from $494 million in the second quarter of 2012. Earnings per share was $1.24 compared to $1.01 last year. Analysts polled by Thomson Reuters expected the company to report earnings of $1.19 per share for the quarter. Analysts' estimates typically exclude special items.

Quarterly revenue improved to $2.56 billion from $2.42 billion in the year ago quarter. Non-GAAP revenue for the quarter was $2.58 billion compared to $2.46 billion in the prior year. Sixteen analysts estimated revenues of $2.54 billion for the quarter.