Morgan Stanley Beats Estimates on Brokerage Increase
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Morgan Stanley reported profit that beat analysts’ estimates as a surprise jump in fixed-income results helped the firm post the only increase in trading revenue among the six biggest U.S. banks this year. The stock rose 3 percent in early New York trading.
First-quarter net income advanced 56 percent to $1.51 billion, or 74 cents a share, from $962 million, or 48 cents, a year earlier, the New York-based company said today in a statement. Excluding an accounting gain tied to the firm’s own debt, profit from continuing operations was 68 cents a share, topping the 60-cent average estimate of 26 analysts surveyed by Bloomberg.