Northern 2Q Results: Postgame Scorecard
Northern's (NASDAQ:NTRS) profit climbed in the second quarter.
Earnings and Revenue The company fell short of estimates with EPS of 73 cents a share and revenues of $988.5 million. Analysts were expecting EPS of 75 cents a share and revenues of $1 billion. The estimates of 17 analysts ranged from profit of 69 cents to profit of 78 cents.
The company's net income for the quarter was $1.8 billion. According to the reported number, this is up 1081.6% from last year's levels. Revenue climbed 4.6% from $1.06 billion in the same period last year.
Company Fundamental Trends
History Against Expectations The company missed forecasts after topping estimates in the previous two quarters. In the first quarter, it topped the mark by one cent, and in the fourth quarter of the last fiscal year, it was ahead by 2 cents.
Official Comment: "Northern Trust performed well in the second quarter, with net income and earnings per share improving both year over year and sequentially," Frederick H. Waddell, Chairman and CEO commented. "Trust, investment and other servicing fees, the largest component of our revenues, exhibited attractive growth and achieved the highest level since the second quarter of 2008. New business from both personal and institutional clients was, yet again, a significant contributor to fee growth. Expense management was solid in the quarter and our return on equity trended higher despite low interest rates and ongoing global economic challenges."
Estimates provided by Zacks Investment Research and company fundamentals from Xignite Financials.