Corporate earnings
BNY Mellon’s income jumps by $105 million
Bank of New York Mellon on Wednesday reported profits jumped 16 percent in the first quarter as fee income rose. The trust and custody giant earned $766 million, up from $661 million in the same quarter last year. Per-share profits rose 18 percent to 67 cents from 57 cents. BNY Mellon has been under pressure for months from outspoken investors to cut expenses and boost results. Revenue for the three months ended March 31 was $3.85 billion, up 6 percent from $3.64 billion a year earlier. “Earnings per share growth was driven by higher revenues across all of our businesses, our success in holding our expenses in check and generating positive operating leverage,” chairman and CEO Gerald Hassell said.
Universal Stainless warns on first-quarter earnings
Universal Stainless & Alloy Products said it only expects first-quarter earnings of 1 to 2 cents per share despite a 20 percent increase in sales. The Bridgeville specialty metals producer said falling raw materials prices hurt profit margins. Universal is scheduled to report first-quarter results April 29.
Positive Q1 boosts Wabtec’s forecast
Wilmerding freight and transit company Wabtec Corp. reported first-quarter net income of $96.2 million, or 99 cents per share, compared to $80 million, or 83 cents per share, during the same quarter a year ago. Sales in the three months ended March 31 rose 18 percent from this time last year to $819 million. The company now is forecasting earnings per share for the full fiscal year to be about $4.10, up 5 cents from its guidance in February.
Thermo Fisher reduces its revenue guidance
Scientific instrument maker Thermo Fisher Scientific Inc. on Wednesday reported revenue of $3.92 billion in the first quarter, with earnings per share increasing 7 percent to $1.63. However, citing the strong dollar, the company has reduced its guidance for revenue in 2015 to $16.67-$16.83 billion, down from $16.80-$17 billion.
Eureka Bank parent firm Q1 earnings up 3 cents
Eureka Financial Corp., parent company for Eureka Bank, said it earned $372,000, or 32 cents per share, in the three months ended March 31. That was up from $346,000, or 29 cents, in the same period last year.
— From staff reports