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.
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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.