By Saabira Chaudhuri
Morgan Stanley said its first-quarter profit rose while revenue
climbed.
Results beat expectations
Morgan Stanley reported a profit of $1.51 billion, compared with
a year-earlier profit of $962 million. On a per-share basis, which
reflects the payment of preferred dividends, Morgan Stanley's
profit was 74 cents, or 68 cents when stripping out accounting
adjustments. Analysts polled by Thomson Reuters had expected
adjusted earnings of 59 cents a share.
Revenue rose to $8.93 billion. Revenue excluding accounting
adjustments rose to $8.8 billion, coming in above analyst estimates
of $8.52 billion.
The latest quarterly report comes on the heels of a strong year
for the New York investment bank, in which Chief Executive James
Gorman gained momentum that had eluded him since taking over the
corner office from former chief John Mack in 2010. Morgan Stanley
finished 2013 with four straight quarters of profits, the first
time it ended a year like that under Mr. Gorman.
Write to Saabira Chaudhuri at saabira.chaudhuri@wsj.com
Access Investor Kit for Morgan Stanley
Visit
http://www.companyspotlight.com/partner?cp_code=A591&isin=US6174464486
Subscribe to WSJ: http://online.wsj.com?mod=djnwires