Investors Greet Morgan Stanley's Q3 Beat
Morgan Stanley (NYSE: MS) is the sixth big bank to announce stronger than expected results for the third quarter. This is the fourth straight quarter of an EPS beat.
The company's profit jumped from $1.0 billion to $1.6 billion while EPS climbed from $0.48 to $0.81 and came in above the Street estimates of $0.63 a share.
Morgan Stanley's net revenue advanced from $7.8 billion to $8.9 billion and topped the Street analysts' expectations of $8.17 billion. Excluding DVA, its revenue would have been $7.3 billion in the previous year quarter.
Chairman and CEO James Gorman commented, "This quarter we saw record revenues in Wealth Management and a strong performance in our Sales and Trading business. While the environment was more challenging for our equity underwriting and asset management businesses, our expense initiatives remain on track. Overall the results reflect steady progress against our long term strategic goals."
In the pre-market trading, Morgan Stanley is up $0.28, or 0.87 percent, to $32.60.
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