NEW YORK (CNNfn) - After a dismal first quarter, Bear Stearns Cos. Inc. reported fiscal second-quarter earnings Tuesday that handily beat the Street, thanks in part to improved market conditions, the investment bank said. But its results still were lower than a year earlier.
Bear Stearns (BSC) posted second-quarter net income of $135.9 million, or 88 cents a share, a 15.2 percent decrease from the $160.2 million, or $1.11 a share, recorded a year ago.
Analysts polled by research firm First Call estimated the company would earn 63 cents per share.
For the first half of fiscal 1999, Bear Stearns' net income was $200.0 million, or $1.28 a share, down 37.9 percent from the $321.8 million, or $2.22 per share, a year ago.
On Friday, Bear Stearns shares closed up 2-1/2 at 42-9/16.