Morgan Stanley on Wednesday reported record net income and revenues for the first quarter as the bank's equity trading unit navigated renewed financial market volatility even better than competitors like Goldman Sachs.
The firm's top and bottom lines blew past Wall Street expectations. Its shares closed flat Wednesday.
Here's how the banking giant fared against analyst estimates:
- Earnings per share: $1.45 cents per share vs. $1.25 expected by Thomson Reuters.
- Revenue: $11.1 billion vs. $10.363 billion expected.
- Wealth management: $4.4 billion vs. $4.5 billion expected by StreetAccount.
- Fixed income, commodities and currencies trading: $1.9 billion vs. $1.67 billion expected.
- Equities trading: $2.6 billion vs. $2.24 billion expected.
"We delivered very strong results this quarter, with record revenues and net income — and an ROE above our target range," CEO James Gorman said in a statement. "Each of our businesses performed well, with significant client engagement across our global franchise, and Sales and Trading a particular highlight in a more active environment."