(April 16) Morgan Stanley posts better-than-expected earnings. Here are the numbers:
- Morgan Stanley Q1 adj. EPS $2.22 vs. $1.01 a year ago; FactSet consensus $1.72.
- Morgan Stanley Q1 revenue $15.72 bln vs. $9.78 bln a year ago; FactSet consensus $14.10 bln.
- Morgan Stanley Q1 net interest income $2.03 bln vs. $1.36 bln; FactSet consensus $1.60 bln.
- Provision for credit losses on loans and lending commitments of $(93) million in the current quarter compared with $388 million in the prior year reflects a release in the allowance for credit losses driven by improvements in the outlook for macroeconomic conditions.
- Book value of $52.71 vs. $51.85 consemsus, tangible book value of $38.97 vs. $41.52 consesus.
The comparisons of current year results to prior periods were impacted by the acquisitions of Eaton Vance Corp. (“Eaton Vance”) completed on March 1, 2021, reported in the Investment Management segment and E*TRADE Financial Corporation (“E*TRADE”) completed in the fourth quarter of 2020, reported in the Wealth Management segment.
James P. Gorman, Chairman and Chief Executive Officer, said, “The Firm delivered record results. The integrated Investment Bank continues to thrive. We closed the acquisition of Eaton Vance which takes Investment Management to over $1.4 trillion of assets. Wealth Management brought in record flows of $105 billion. The Firm is very well positioned for growth in the years ahead.”
Morgan Stanley fell 0.33% in premarket trading.
Morgan Stanley First Quarter 2021 Earnings Results <<<
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