Bank of New York Mellon (NYSE:BK) said Wednesday that its fourth-quarter net profit applicable to common shareholders rose 15% to $679 million, or 54 cents a share, from $593 million, or 49 cents a share, a year earlier. Profit from continuing operations fell 3.1% to $690 million, or 55 cents a share, and included costs of 4 cents a share related to restructuring and the integration of acquisitions. Analysts polled by FactSet Research had expected earnings of 57 cents a share. Total revenue for the quarter rose 14% to $3.75 billion. "We delivered 12% growth in fee revenue this quarter, reflecting improving markets, the underlying strength of our business model and continued investment in our businesses," said Robert Kelly, chairman and CEO. -MarketWatch
Ford Motor (NYSE:F) plans to spend $400 million to overhaul its assembly plant in Kansas City, Mo., after production of the current version of the Ford Escape compact SUV moves to another facility, the automaker said Tuesday. The move ensures that some 3,750 workers at the Kansas City plant will continue to have jobs. In addition to the Escape, the plant also produces the Ford F-150 pickup truck on a separate line. -Daily Finance
Goldman Sachs Group (NYSE:GS) on Wednesday reported fourth-quarter net earnings of $2.4 billion, or $3.79 a share, versus $4.9 billion, or $8.20 a share, in the same quarter in 2009. Goldman said net revenue declined to $8.6 billion from $9.6 billion. Wall Street was looking for earnings of $3.76 a share on revenue of $9 billion, on average, according to a FactSet Research poll. -MarketWatch
Wells Fargo (NYSE:WFC), the largest U.S. home lender, posted a fourth-quarter profit that missed some analysts’ estimates as income from mortgage banking weakened. Net income rose 21 percent to $3.41 billion, or 61 cents a diluted share, from $2.82 billion, or 8 cents, in the same period a year earlier, the San Francisco-based bank said today in a statement. Twenty-nine analysts surveyed by Bloomberg estimated profit of 63 cents. Profit for the full year advanced 1 percent to $12.4 billion. “Refinancing activity slowed significantly in the quarter,” Anthony Polini, an analyst at Raymond James Financial Inc. in New York, wrote in a Jan. 12 note. “Mortgage banking revenue typically accounts for 10 to 12 percent of core revenue.” -Bloomberg
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