State Street Corp STT
Q2 2013 Earnings Call Transcript

Transcript Call Date 07/19/2013

Operator: Good morning, and welcome to State Street Corporation's second quarter 2013 Earnings Conference Call and Webcast. Today's discussion is being broadcast live on State Street's website at This conference call is also being recorded for replay. State Street's conference call is copyrighted and all rights are reserved. This call may not be recorded or rebroadcast or distributed in whole or in part, without the expressed written authorization from State Street Corporation. The only authorized broadcast of this call will be held on the State Street website. At the end of today's presentation, we'll conduct a question-and-answer session. In the question-and-answer session, the Company has requested that you limit your questions to no more than two and return to the queue if you have follow-up questions. This will permit multiple participants with questions for the management team to ask them on the call.

Now, I would like to introduce Valerie Haertel, Senior Vice President of Investor Relations at State Street.

Valerie Haertel - IR: Thank you, Stephanie. Good morning, everyone, and welcome to our second quarter 2013 earnings conference call. Our second quarter earnings materials include a presentation that Jay Hooley, our Chairman, President, and Chief Executive Officer and Ed Resch, our Chief Financial Officer, will refer to in their remarks. That presentation together with reconciliations of our non-GAAP or operating basis measures to GAAP basis measures referenced on this webcast and other related materials can be found in the Investor Relations section of our website.

Before Jay and Ed begin their discussion of our results, I would like to remind you that during this call, we will be making forward-looking statements. Actual results may differ materially from those indicated by these forward-looking statements as a result of various important factors, including those discussed in State Street's 2012 Annual Report on Form 10-K and its subsequent filings with the SEC.

We encourage you to review those filings, including the sections on risk factors concerning any forward-looking statements we make today. Any such forward-looking statements speak only as of today, July 19, 2013. The Corporation does not undertake to revise such forward-looking statements to reflect events or changes after today.

Now, I'd like to turn the call over to our Chairman, President and CEO, Jay Hooley.

Joseph (Jay) L. Hooley - Chairman, President and CEO: Thanks Valerie, and good morning, everyone. As Valerie noted, our my remarks will follow the financial highlights slide presentation that we issued with our earnings press release this morning, and I'll focus my comments on operating basis results and on sequential quarterly comparisons primarily, since those are of most interest to you.

Turning to Page 3 of our slide presentation that we announced this morning, our operating basis earnings per share in the second quarter 2013 was $1.24, a 29% increase from the first quarter of 2013 which included expenses for retirement-eligible employees. Compared to the second quarter of 2012, our operating basis earnings per share increased 23%. Our total operating basis revenue in the second quarter of 2013 increased 4.5% from the first quarter of 2013 and 4.9% from the second quarter of 2012, reflecting growth from new business and stronger global equity markets.

Read our Earnings Call Transcript disclaimer.
Add a Comment
E-mail me new replies.