Morgan Stanley (NYSE: MS) reported Q1 EPS of $1.14, which may not compare with the analyst estimate of $0.77. Revenue for the quarter came in at $9.8 billion versus the consensus estimate of $9.16 billion.

Results for the current quarter included a net discrete tax benefit of $564 million or $0.29 per diluted share primarily associated with the repatriation of non-U.S. earnings at a lower cost than originally estimated.

Adjusted EPS would be $0.85.

Business Overview

• Institutional Securities net revenues excluding DVA were $5.3 billion.10 Revenues for the quarter reflect strong performance in Equity sales and trading across products and regions, improved performance in Fixed Income and Commodities sales and trading on higher levels of client activity and solid results in Investment Banking.
• Wealth Management net revenues were $3.8 billion. The pre-tax margin was 22%.6 Fee based asset flows for the quarter were $13.3 billion, with total client assets of $2.0 trillion at quarter end.
• Investment Management reported net revenues of $669 million with assets under management or supervision of $406 billion.

James P. Gorman, Chairman and Chief Executive Officer, said, “This was our strongest quarter in many years with improved performance across most areas of the firm. It reflects our ongoing strategy to build platforms for growth while maintaining a prudent risk profile and disciplined expense management.”

For earnings history and earnings-related data on Morgan Stanley (MS) click here.