Morgan Stanley (MS) Tops Q1 EPS by 8c; Doubles Qtr. Dividend to 10c
(Updated - April 17, 2014 6:49 AM EDT)
Morgan Stanley (NYSE: MS) reported Q1 EPS of $0.68, $0.08 better than the analyst estimate of $0.60. Revenue for the quarter came in at $8.93 billion versus the consensus estimate of $8.52 billion.
Boosts qtr. dividend from $.05 to $.10, payable on May 15, 2014 to common shareholders of record on April 30, 2014.
| Summary of Firm Results (dollars in millions) | |||||||||||||||||
| As Reported | Excluding DVA6 | ||||||||||||||||
| Net | MS Income | Net | MS Income | ||||||||||||||
| Revenues | Cont. Ops. | Revenues | Cont. Ops. | ||||||||||||||
| 1Q 2014 | $8,929 | $1,466 | $8,803 | $1,391 | |||||||||||||
| 4Q 2013 | $7,825 | $96 | $8,193 | $337 | |||||||||||||
| 1Q 2013 | $8,150 | $981 | $8,467 | $1,182 | |||||||||||||
Business Overview
- Institutional Securities net revenues excluding DVA were $4.5 billion8 reflecting continued strength in Equity sales and trading and Investment Banking, and improved performance in Fixed Income & Commodities sales and trading.
- Wealth Management net revenues were $3.6 billion and pre-tax margin was 19%.9 Fee based asset flows for the quarter were a record $19.0 billion, with total client assets exceeding $1.9 trillion at quarter end.
- Investment Management reported net revenues of $740 million with assets under management or supervision of $382 billion.
James P. Gorman, Chairman and Chief Executive Officer, said, “This quarter we generated higher year-over-year revenues in all three of our business segments, demonstrating the momentum we have built across the Firm. We continue to execute on our multi-year strategy to deliver consistent returns for our shareholders through revenue growth and strong expense discipline. We are pleased that this year we will commence a further share repurchase of up to $1 billion and double our dividend.”
Summary of Institutional Securities Results (dollars in millions) | |||||||||||||||||
| As Reported | Excluding DVA8 | ||||||||||||||||
| Net | Pre-Tax | Net | Pre-Tax | ||||||||||||||
| Revenues | Income | Revenues | Income | ||||||||||||||
| 1Q 2014 | $4,609 | $1,353 | $4,483 | $1,227 | |||||||||||||
| 4Q 2013 | $3,323 | $(1,263) | $3,691 | $(895) | |||||||||||||
| 1Q 2013 | $4,081 | $799 | $4,398 | $1,116 | |||||||||||||
For earnings history and earnings-related data on Morgan Stanley (MS) click here.