Morgan Stanley beats expectations as it unveils record Q1 earnings UPDATE |
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Published
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Wed, 21 Mar 2007 13:18
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(Recasts, adds detail)LONDON (AFX) - Financial services group Morgan Stanley unveiled record first-quarter earnings that far outstripped analysts expectations.The company posted EPS from continuing operations of 2.40 usd compared with 1.51 usd a year ago and far ahead of the 1.88 usd Thomson First Call estimate.The company said net revenues rose 29 pct to a record 11.0 bln usd, while net income was a record 2.672 bln usd against 1.574 bln usd last time.Non-interest expenses increased 17 pct to 7.1 bln usd and the annualized return on average common equity from continuing operations was 28.8 pct against 21.9 pct a year ago.The company said the first-quarter results included an after-tax gain of 109 mln usd stemming from the sale of Quilter Holdings Ltd.newsdesk@afxnews.comwjCOPYRIGHTCopyright AFX News Limited 2007. All rights reserved.The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News.AFX News and AFX Financial News Logo are registered trademarks of AFX News Limited
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Morgan Stanley to buy out India jv partner 