Morgan Stanley beats by $0.07, reports revs in-line (80.33)
- Reports Q3 (Sep) earnings of $1.38 per share, excluding non-recurring items, $0.07 better than the FactSet Consensus of $1.31; revenues rose 2.2% year/year to $13.27 bln vs the $13.22 bln FactSet Consensus.
- James P. Gorman, Chairman and Chief Executive Officer, said, "While the market environment remained mixed this quarter, the Firm delivered solid results with an ROTCE of 13.5%. Our Equity and Fixed Income businesses navigated markets well, and both Wealth and Investment Management produced higher revenues and profits year-over-year. We completed the integration of E*TRADE in the quarter, further executing on our strategy of building revenue synergies across channels and attracting clients to our best-in-class advice offering. Our ability to gather assets, together with our strong capital position and leading client franchises, position us to deliver continued growth and strong shareholder returns going forward."
- The Firm expense efficiency ratio year-to-date was 75%. The quarter included integration-related expenses of $68 million.