New York, NY, United States (4E) – Morgan Stanley reported a profit in the first quarter, beating Wall Street’s projections, as the firm’s revenue increased.
Morgan Stanley said profit was $1.51bn in the latest quarter, compared with a profit of $962mn in the year-ago period. Morgan Stanley’s per- share profit was 74 cents, or 68 cents after excluding some items due to accounting adjustments.
Analysts had forecast per-share adjusted earnings of 59 cents.
Revenue climbed to $8.93bn. Excluding accounting adjustments, revenue increased to $8.8bn, higher than analysts’ estimates of $8.52bn.
Thursday’s report comes following a strong performance for the New York investment bank in 2013. Last year’s results brought momentum for Chief Executive James Gorman, who had sought to revive the company since taking over from former CEO John Mack in 2010.
At the end of 2013, Morgan Stanley came away with four consecutive quarters of profits, the first time it happened under Mr. Gorman’s watch.