Morgan Stanley beats quarterly profit estimates on equity trading strength
MS•Morgan Stanley reported third-quarter profit of $4.91 billion, or $3.03 per share, beating analysts’ $2.91 estimate. Equity trading revenue rose nearly 41% to $5.8 billion, while investment banking revenue increased 2% to $2.16 billion.
1. Trading lifts profit
Morgan Stanley beat estimates for third-quarter profit as equity trading revenue rose nearly 41% year over year to $5.8 billion. Profit attributable to the company was $4.91 billion, or $3.03 per share, compared with $4.61 billion, or $2.80 per share, a year earlier. Analysts had expected $2.91 per share.
2. Investment banking holds
Investment banking revenue increased 2% to $2.16 billion, while fixed-income trading revenue fell 7.3% to $2.01 billion. The bank was lead financial advisor on Uber’s deal to buy Delivery Hero at an equity value of $14.8 billion and on Consolidated Precision Products’ deal to be acquired by GE Aerospace for $11.75 billion.
