CHICAGO - Northern Trust Corporation (NASDAQ:NTRS) disclosed its financial results for the first quarter of 2024, revealing earnings and revenue that fell short of Wall Street's expectations.
The company reported an adjusted earnings per share (EPS) of $0.96, which was significantly lower than the analyst consensus of $1.45. Additionally, revenue for the quarter was reported at $1.65 billion, missing the consensus estimate of $1.78 billion.
Following the announcement, NTRS shares were down 0.85% premarket.
The financial institution, known for its wealth management and banking services, did not provide specific reasons for the earnings miss in its initial release. However, the shortfall in both EPS and revenue compared to analyst expectations was notable.
Northern Trust's first quarter performance represents a decline from the same period last year, although the company did not disclose the percentage change in revenue year-over-year (YoY).
The company's long-standing reputation for service and financial expertise will be under scrutiny as stakeholders seek to understand the factors contributing to the lower-than-expected performance. Northern Trust has a history dating back to 1889 and has grown to manage significant assets, with $16.5 trillion under custody/administration and $1.5 trillion under management as of March 31, 2024.
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