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Morgan Stanley beats expectations

Portia Crowe   

Morgan Stanley beats expectations
Finance2 min read

james gorman

Reuters

Morgan Stanley CEO James Gorman.

Morgan Stanley just reported second quarter earnings that beat on the top and bottom lines.

The bank reported earnings per share of $0.85 on revenue of $9.7 billion.

Excluding one-time items, adjusted earnings per share were $0.79.

Analysts were expecting adjusted earnings per share of $0.74 on revenue of $9.14 billion, according to Bloomberg.

"We delivered a strong quarter across each of our businesses, through client-focused execution, expense discipline and prudent risk management," said CEO James Gorman in a press release.

In the same quarter last year, the bank reported earnings per share of $0.60 on revenue of $8.61 billion.

The bank has beaten earnings per share estimates in 10 of the past 12 quarters, according to Bloomberg.

Last quarter, Morgan Stanley beat on the top and bottom lines, and CEO James Gorman said it was "our strongest quarter in many years with improved performance across most areas of the firm."

The bank also increased dividends last quarter, from $0.10 per share to $0.15 per share.

For Q2, analysts expect to see the wealth management division do well. The bank has pivoted business toward that division ever since the financial crisis.

JPMorgan, Wells Fargo, Bank of America, Goldman Sachs, and Citigroup reported second-quarter earnings last week.

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