Bank of New York Mellon and Coca-Cola released their earnings reports before opening bell this morning. Bank of New York Mellon posted earnings of 67 cents per share on $3.9 billion in revenue, a 6% year over year increase, for the first quarter. Analysts had been expecting earnings of 59 cents per share on $3.74 billion in revenue. In the same quarter a year ago, the bank reported earnings of 57 cents per share.
Coca-Cola posted comparable earnings per share of 48 cents and reported earnings of 35 cents per share on $10.71 billion in revenue. Analysts had been expecting earnings of 42 cents per share on $10.65 billion in revenue. In the same quarter a year ago, reported earnings were 36 cents per share.
Key metrics from Bank of New York Mellon’s earnings report
The Bank of New York Mellon saw earnings per share increased 18% compared to last year and 4% on an adjusted basis. Expenses fell 1% or 2% on an adjusted basis.
The bank recorded a 3% increase in investment services fees and a 1% increase in investment management and performance fees. Revenue from foreign exchange grew 67% due to volatility in the markets and higher volumes. The bank reported $2 million in credit loss provisions.
At the end of the quarter, the Bank of New York Mellon had $28.5 trillion in assets under custody and/ or administration due to higher market values and new business. The firm’s assets under management hit a record $1.74 trillion, a 7% increase year over year.
The bank recorded a 20% rate of return on tangible equity.
Key metrics from Coca-Cola’s earnings report
Coca-Cola reported a 1% increase in unit case volume, with Sparkling Beverages and Still Beverages each increasing 1%. The beverage maker also gained global value share in the nonalcoholic ready-to-drink beverage segment.
For this year, Coca-Cola said it expects currency headwinds to affect its net revenues by about 6 points, 7 points on income before taxes and 10 points on operating income. For the second quarter, the beverage maker expects about a 7 point negative impact on net revenues, 10 points on operating income and 5 or 6 points on income before taxes.
For the full year, Coca-Cola continues to expect comparable earnings growth in the mid-single digits.