Mon, Jul. 20, 7:16 AM
- Q2 net income (excl. DVA) of $1.7B or $0.79 per share vs. $1.2B and $0.58 one year ago. ROE (excl. DVA) of 9.1%.
- Institutional Securities pre-tax income of $1.44B on revenue of $4.99B vs. $873M and $4.161B a year ago. Advisory revenue of $423M, equity underwriting revenue of $489M and fixed income underwriting revenue of $528M all roughly flat Y/Y. Equity sales and trading revenue of $2.3B vs. $1.8B a year ago. FICC revenue of $1.3B up from $1B - this as most other banks saw Y/Y decline.
- Wealth Management pre-tax income of $885M on revenue of $3.875B vs. $763M and $3.702B a year ago. Asset management fee revenue of $2.2B vs. $2.1B. Transactional revenue of $8872M vs. $991M. Net interest income of $737M vs. $577M. Total client assets of $2T. Client assets in fee-based accounts of $813B up 7% Y/Y. Average annualized revenue per representative of $978K up 8% Y/Y.
- Investment Management pre-tax income of $220M on revenue of $751M vs. $209M and $705M a year ago.
- CET 1 ratio of 12.5%. Tangible book value per share of $29.54.
- Conference call at 8:30 ET
- Previously: Morgan Stanley beats by $0.05, beats on revenue (July 20)
- MS +3.8% premarket
Mon, Jul. 20, 7:02 AM
Sun, Jul. 19, 5:30 PM
Fri, May 1, 9:54 PM
- With plans (but not detailed plans, yet) to go public, Spanish-language broadcaster Univision swung to a $139.7M net loss in Q1, from a year-ago profit of $6.2M.
- The company hired Morgan Stanley (NYSE:MS), Goldman Sachs (NYSE:GS) and Deutsche Bank (NYSE:DB) to lead an IPO that it hopes will raise $1B, which would value the broadcaster around $20B.
- Revenues were up 0.6% to $624.7M. Univision blamed its loss on termination fees that it owed to the private-equity owners of its parent, Univision Communications, as well as to Grupo Televisa (NYSE:TV).
- Televisa used convertible debt to build a 38% stake in Univision and has the right to take that to 40%, so it is set to draw a payoff from Univision's eventual offering. It also drew a record $314M rebroadcasting royalty from Univision in 2014.
Mon, Apr. 20, 11:10 AM
- While Evercore ISI's Glenn Schorr calls Morgan Stanley's (MS +1.2%) Q1 results a "Bo Derek" - otherwise known as a "10" - JMP's Devin Ryan is somewhat more measured.
- After stripping out a sizable tax benefit, "core" EPS still beat estimates, but not by nearly as gaudy an amount as the headlines suggest. The outperformance - however - was driven by FICC action, and one wonders how sustainable that is. Wealth Management revenues, on the other hand, were 3% less than what Ryan had modeled.
- "We suspect investors will initially view results favorably, but given the trading-heavy outperformance, we believe the focus will also be on sustainability, which could temper the upside."
- Speaking on the earnings call, Google-bound CFO Ruth Porat - applauding some of the regulatory measures aimed at banks since the crisis - calls for a "time out" to "pause, digest, and assess" what's working and what's not.
- Previously: Morgan Stanley +2% after strong Q1. (April 20)
Mon, Apr. 20, 7:47 AM
- Q1 income from continuing operations (excluding DVA) of $2.3B or $1.14 per share vs. $1.4B and $0.70 one year ago. Company realized a net tax benefit of $564M or $0.29 per share thanks to repatriation of non-U.S. earnings at a lower than expected rate, so the earnings beat was closer to $0.07. Annualized ROE of 10.1%.
- Institutional Securities pre-tax income (excl. DVA) of $1.688B on revenue of $5.333B vs. $1.290B and $4.551B a year ago. FICC revenue of $1.9B vs. $1.7B. Advisory revenue of $471M vs. $336M. Equity sales and trading revenue of $2.3B vs. $1.7B.
- Wealth Management pre-tax income of $855M vs. $686M a year ago on revenue of $3.834B vs. $3.609B. Pre-tax margin of 22%.
- Investment Management pre-tax income of $187M vs. $268M a year ago.
- CET1 ratio of 13.7%. Tangible book value per share of $28.91.
- Firm repurchased about $250M of stock during quarter, or roughly 7M shares.
- Previously: Morgan Stanley beats by $0.36, beats on revenue (April 20)
- MS +2% premarket
Mon, Apr. 20, 7:16 AM
Sun, Apr. 19, 5:30 PM
Tue, Jan. 20, 7:34 AM
- Excluding DVA, Q4 income from continuing operations of $903M or $0.40 per share vs. $336M and $0.15 one year ago.
- Institutional Securities net revenue excluding DVA of $3.2B vs. $3.7B one year ago, with pretax loss of $1.08B vs. pretax loss of $880M one year ago. Advisory revenues of $488M vs. $451M, thanks to boosted M&A activity. Equity sales and trading revenue of $1.6B vs. $1.5B. FICC revenue (excl.DVA) of $599M vs. $694M (-13.7%).
- Wealth Management revenue of $3.8B vs. $3.7B one year ago, and pretax income of $736M vs. $715M. Asset management fee revenue of $2.1B vs. $2B. Transactional revenues of $976M vs. $1.1B. Net interest income of $625M vs. $526M. Compensation expense of $2.3B vs. $2.1B. Total client assets more than $2T at year's end, with those in fee-based accounts of $785B up 13%. WM reps of $16,076 slips from $16,456.
- Investment Management revenue of $588M vs. $858M one year ago, with pretax loss of $6M vs. profit of $331M.
- Previously: Morgan Stanley misses by $0.08, misses on revenue (Jan. 20)
- MS -2% premarket
Tue, Jan. 20, 7:03 AM
Mon, Jan. 19, 5:30 PM
Nov. 5, 2014, 3:06 AM
- Morgan Stanley (NYSE:MS) will receive a one-time lift of $1.3B due to a change in the structure of its Morgan Stanley Smith Barney operation.
- On Oct. 31, Morgan Stanley Smith Barney was converted from a partnership to a corporation. That change allowed the bank to release $1.3B it had previously set aside for taxes.
- The restructuring is not expected to change Morgan Stanley’s tax rate going forward, but it will help the bank’s profitability in Q4.
Oct. 17, 2014, 7:30 AM
- Q3 income from continuing operations (excluding DVA) of $1.6B of $0.77 per share vs. $1B and $0.50 one year ago. This year's Q boosted by net discrete tax benefit of $237M or $0.12 per share.
- Institutional Securities pre-tax income from continuing operations of $1.2B vs. $396M a year ago. Advisory revenue of $392M vs. $275M thanks to boosted M&A activity. Equity underwriting revenue of $464M vs. $236M thanks to boosted IPO activity. FICC net revenue of $997M vs. $835M (about inline with what a few other banks posted). Compensation expense of $1.8B vs. $1.6B.
- Wealth Management pre-tax income of $836M vs. $668M a year ago, on net revenue of $3.8B vs. $3.5B. Asset management fees of $2.2B vs. $1.9B. Net interest income of $601M vs. $493M thanks to higher deposits and loan balances. Compensation expense of $2.2B vs. $2B. Wealth managers of 16,162 fell from 16,517, with average annualized revenue per advisor of $932K up 10%.
- Investment Management pre-tax income of $188M vs. $300M a year ago.
- Tangible book value per share of $29.25. Roughly $195M of stock repurchased during Q, or 5.9M shares.
- MS +2.8% premarket
- Previously: Morgan Stanley beats by $0.23, beats on revenue
Oct. 17, 2014, 7:16 AM
Oct. 16, 2014, 5:30 PM
Jul. 17, 2014, 7:33 AM
- Excluding DVA, income of $1.9B or $0.91 per share vs. $900M and $0.37 one year ago. The quarter also included a discrete tax benefit of $609M - excluding that brings income down to roughly $1.3B and $0.60 per share, so the "beat" is closer to a nickel.
- Institutional Securities pre-tax income of $927M vs. $806M one year ago on roughly flat revenue of $4.16B (excl. DVA). FICC revenue of $1B slips from $1.2B, partially offset by higher advisory revenue. Equity sales and trading revenue of $1.8B was about flat. Compensation expense slipped by $100M to $1.7B.
- Wealth Management pre-tax income of $767M rises from $655M a year ago on revenue of $3.715B up from $3.531B. Pre-tax margin rises above 20%, coming in at 21%.
- Investment Management pre-tax income of $205M up from $160M a year ago on revenue of $692M up from $673M. AUM of $396B up from $347B thanks to market appreciation and positive flows.
- About $284M or 9.3M shares of stock repurchased during quarter. Morgan has approval from the Fed for $1B in buybacks through the end of 2015 Q1.
- MS +2.2% premarket
- Previously: Morgan Stanley beats by $0.35, beats on revenue
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