Morgan Stanley Results to Wall Street Expectations
Morgan Stanley Results to Wall Street
Expectations
U.S. investment bank Morgan Stanley released its first-quarter results on Thursday, surpassing analysts' expectations despite a 48 percent year-to-year drop in earnings driven by its loss of a Japanese joint venture and a steep decline in fixed-income trading. The bank reported earnings of $966 million or 50 cents a share, in the most recent quarter, on revenue of $7.6 billion. Those numbers are up from earnings of 42 cents a share in the fourth quarter but well below the $1.12 a share the bank earned in the first quarter of 2010. Analysts in a recent Thomson Reuters survey had projected Morgan Stanley would report earnings for the three months ended March 31st as 34 cents a share on revenue of $7.9 billion.
The bank's earnings were boosted by $1.7 billion in equity sales and trading revenue, the segment's best performance in a quarter since 2008. The bank's fixed-income trading, meanwhile, fell sharply from a year ago, a financial hit taken by pretty much everybody involved in the asset class. Perhaps the biggest hit taken by Morgan Stanley's results was a loss of a joint venture with Mitsubishi Financial Group, the Japanese financial giant that saved Morgan Stanley during the market collapse of 2008 by taking a $9 billion stake in the firm. The venture lost a reported $655 million, dragging down overall earnings by 26 cents a share.
U.S. investment bank Morgan Stanley released its first-quarter results on Thursday, surpassing analysts' expectations despite a 48 percent year-to-year drop in earnings driven by its loss of a Japanese joint venture and a steep decline in fixed-income trading. The bank reported earnings of $966 million or 50 cents a share, in the most recent quarter, on revenue of $7.6 billion. Those numbers are up from earnings of 42 cents a share in the fourth quarter but well below the $1.12 a share the bank earned in the first quarter of 2010. Analysts in a recent Thomson Reuters survey had projected Morgan Stanley would report earnings for the three months ended March 31st as 34 cents a share on revenue of $7.9 billion.
The bank's earnings were boosted by $1.7 billion in equity sales and trading revenue, the segment's best performance in a quarter since 2008. The bank's fixed-income trading, meanwhile, fell sharply from a year ago, a financial hit taken by pretty much everybody involved in the asset class. Perhaps the biggest hit taken by Morgan Stanley's results was a loss of a joint venture with Mitsubishi Financial Group, the Japanese financial giant that saved Morgan Stanley during the market collapse of 2008 by taking a $9 billion stake in the firm. The venture lost a reported $655 million, dragging down overall earnings by 26 cents a share.
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