Expecting 69 cents / share - got 5 cents... How did they beat earnings?
The commercial bank says it earned $28 million, or 2 cents per share, in the final quarter of 2008, after paying preferred dividends. This compares with earnings of $520 million, or 62 cents per share, in the year-earlier period. Excluding certain one-time charges and expenses, the bank says it earned $53 million, or 5 cents per share, down from $700 million, or 61 cents per share, in the fourth quarter of 2007.
Thomson Reuters says that analysts were expecting earnings of 69 cents per share. Analyst estimates typically exclude one-time items.
The results included $1.24 billion write-downs on securities, which knocked 65 cents a share off earnings. Bank of New York said this was mostly caused by illiquid markets for mortgage-backed securities during the fourth quarter.