NEW YORK - State Street Corporation (NYSE: STT ) reported fourth-quarter earnings that beat analyst expectations, but shares fell 2.49% as investors digested mixed results and guidance.
The financial services company posted adjusted earnings per share of $2.60, surpassing the analyst consensus of $2.36. Revenue for the quarter came in at $3.41 billion, above the estimated $3.29 billion and up 12% year-over-year.
State Street's total fee revenue increased 13% to $2.66 billion, while net interest income rose 10% to $749 million compared to the same quarter last year. The company reported assets under custody and administration (AUC/A) of $46.6 trillion, up 11% from the previous year.
"2024 marked an important year for State Street. We executed on our strategy to increase fee revenue growth while continuing to transform our operating model, enhance our capabilities and support our clients," said Ron O'Hanley, Chairman and CEO.
The company achieved $154 million in new servicing fee revenue wins during the quarter, including a large multi-regional win with an Asia-Pacific asset owner. State Street also reported $64 billion in quarterly net inflows for its Global Advisors business.
State Street's pre-tax margin for the quarter was 28.1%, down slightly from 28.4% in the previous quarter but up significantly from 6.6% in the same quarter last year.
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