Northern Trust Q3 Profit Edges Down, Results Miss View - Quick Facts

(RTTNews) - Northern Trust Corp. (NTRS) reported that its third-quarter net earnings allocated to common and potential common shares edged down 1 percent to $201.0 million from the last year's $203.0 million. However, net income per common share was flat with the prior-year period at $0.84.

The prior-year quarter's results included a $32.6 million pre-tax gain on the sale of an office building property. Excluding this gain, adjusted net income per share in the prior-year quarter was $0.76.

On average, eighteen analysts polled by Thomson Reuters expected the company to report earnings of $0.87 per share for the latest quarter. Analysts' estimates typically exclude special items.

Total revenue for the quarter rose 3 percent to $1.08 billion from $1.05 billion in the previous-year quarter. Wall Street analysts had a consensus revenue estimate of $1.10 billion for the quarter.

Noninterest income increased 2 percent to $829.6 million from the prior-year quarter's $810.2 million. Net interest income on a fully taxable equivalent (FTE) basis increased 5 percent to $256.2 million from $244.8 million in the year-ago period, due to higher levels of earning assets, partially offset by a decrease in the net interest margin.