Morgan Stanley beats by $0.12, beats on revs -- Continued strength in investment banking and solid results in sales and trading
- Reports Q3 (Sep) earnings of $0.93 per share, $0.12 better than the Capital IQ Consensus of $0.81; revenues rose 3.2% year/year to $9.2 bln vs the $9.05 bln Capital IQ Consensus. The effective tax rate for the current quarter of 28.1% reflects the impact of a recurring-type of discrete tax benefit of $11 million related to employee share-based payments and other net discrete tax benefits of $83 million primarily resulting from the remeasurement of certain deferred taxes.
- The annualized return on average common equity was 9.6%.
- Institutional Securities reported pre-tax income from continuing operations of $1.2 billion compared with pre-tax income of $1.4 billion a year ago. Net revenues for the current quarter were $4.4 billion compared with $4.6 billion a year ago. Investment Banking revenues of $1.3 billion increased from $1.1 billion a year ago. Sales and Trading net revenues of $2.9 billion compared with $3.2 billion a year ago.
- Wealth Management reported pre-tax income from continuing operations of $1.1 billion compared with $901 million in the third quarter of last year. The quarter's pre-tax margin was 26.5%.2 Net revenues for the current quarter were $4.2 billion compared with $3.9 billion a year ago.
- Investment Management reported pre-tax income from continuing operations of $131 million compared with $97 million in the third quarter of last year. Net revenues of $675 million increased from $552 million in the prior year.
- Tangible book +1.9% to $33.86/share.
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