Morgan Stanley beats by $0.06, beats on revs
Reports Q1 (Mar) adj. earnings from continuing operations of $0.85 per share, excluding a $0.29 tax benefit, $0.06 better than the Capital IQ Consensus of $0.79; GAAP revenues rose 10.1% year/year to $9.91 bln vs the $9.19 bln consensus.
- Institutional Securities net revenues excluding DVA were $5.3 billion. Revenues for the quarter reflect strong performance in Equity sales and trading across products and regions, improved performance in Fixed Income and Commodities sales and trading on higher levels of client activity and solid results in Investment Banking.
- Wealth Management net revenues were $3.8 billion. The pre-tax margin was 22%.6 Fee based asset flows for the quarter were $13.3 billion, with total client assets of $2.0 trillion at quarter end.
- Investment Management reported net revenues of $669 million with assets under management or supervision of $406 billion.
- The annualized return on average common equity from continuing operations was 14.2% in the current quarter, or 10.1% excluding DVA and the net discrete tax benefit