Morgan Stanley’s first-quarter results
Morgan Stanley (MS) reported its first-quarter results on April 17. The company reported an EPS of $1.39, which beat the consensus estimates of $1.17 per share. Morgan Stanley’s EPS fell 4% YoY (year-over-year), while its revenues fell 7% YoY. The company’s investment banking revenues fell 24% YoY, while its sales and trading revenues fell 15% YoY.
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“We delivered solid earnings despite a slow start to the year following the turbulent markets in the fourth quarter. With an ROE of 13.1% and ROTCE of 14.9%, our results demonstrated the stability and breadth of our global franchise,” noted James P. Gorman, Morgan Stanley’s chairman and CEO.
Morgan Stanley controlled its costs during the challenging quarter with an ~$263 million YoY reduction in its compensation expenses and an ~$63 million reduction in its non-compensation expenses.