The Financial Post reports in its Wednesday edition that Bank of Montreal posted lower third-quarter net income due to a one-time charge, but topped analysts' earnings expectations thanks to stronger performances across its major business segments. The Post's Naimul Karim writes that BMO's net income for the three months ending July 31 was $1.75-billion, compared with $2.33-billion during the same quarter last year, resulting in net earnings per share of $2.38. The decrease in reported results was primarily due to a $962-million charge related to the bank's decision to sell its transportation business. The announcement was made in May, when the lender said that it would record an after-tax charge related to a reduction in goodwill. Adjusted net income was $2.85-billion, up 19 per cent year-over-year, resulting in adjusted earnings per share of $3.96, which topped analysts' expectations of about $3.76. BMO's provision for credit losses was $722-million, compared with $797-million during the same quarter last year. "BMO kicked off the third quarter earnings season with a solid beat which was predicated on strong performances within each of its operating segments," Jefferies analyst John Aiken said in a note Tuesday.