Morgan Stanley on Friday reported adjusted earnings that beat analyst estimates, driven by gains in wealth management and stock trading.þþIncluding charges, the firm had a fourth-quarter profit of $481 million or 25 cents a share. That compares with a per-share loss of 15 cents in the year-ago period.þþThe results, however, were affected by one-time accounting charges related to the firm’s credit spreads. Excluding those charges, the firm had a profit of 45 cents a share. That handily beat the estimates of analysts polled by Thomson Reuters, which had estimated a profit of 27 cents a share.þþMorgan Stanley’s revenue came in at $7 billion in the fourth quarter, up 23 percent from the year-ago period.þþMorgan Stanley’s chief executive, James P. Gorman, said in a release that Morgan Stanley had reached a “pivot point” in its turnaround strategy, which has been underway since the financial crisis when the firm’s operations were badly damaged. “Our firm is now poised to reach the returns of which it is capable on behalf of our shareholders,” he said.þ
Source: NY Times
