Morgan Stanley on Thursday reported adjusted earnings for the first quarter that beat analyst estimates, driven by solid results in its wealth management division.
Including charges, the firm had a first-quarter profit of $1 billion, or 50 cents a share. That compares with a loss of $79 million in the year-ago period. The results, however, were affected by one-time accounting charges related to the firm’s credit spreads.
Excluding those charges, the firm had a profit of $1.2 billion 61 cents a share, which was down from $1.4 billion reported in the first quarter of 2012. The results did beat the profit estimate of 57 cents a share of analysts polled by Thomson Reuters.
Morgan Stanley’s adjusted revenue came in at $8.5 billion in the first quarter, down from $8.9 billion in year-ago period. Analysts had been forecasting revenue of $8.35 billion.
“Morgan Stanley demonstrated solid momentum across the firm this quarter, consistent with the strategic objectives we laid out at the beginning of the year,†Morgan Stanley’s chief executive, James P. Gorman, said in a release.
