Investing.com - Wall Street investment bank Morgan Stanley (NYSE:MS) reported better-than-expected second quarter earnings ahead of Thursday’s opening bell, sending its shares higher in pre-market trade.
Morgan Stanley said adjusted earnings per share came in at 60 cents, above expectations for 56 cents.
For the current quarter, income from continuing operations applicable was 94 cents per diluted share, while income from continuing operations was 91 cents per diluted share.
Results for the quarter included a net discrete tax benefit of $609 million or 31 cents per diluted share, principally related to the re-measurement of reserves and related interest.
The bank’s second quarter adjusted revenue totaled $8.6 billion, beating expectations for revenue of $8.19 billion.
Wealth Management net revenues were $3.7 billion and pre-tax margin was 21%. Investment Management reported net revenues of $692 million with assets under management or supervision of $396 billion.
James P. Gorman, Chairman and Chief Executive Officer, said, “Our quarterly results demonstrated solid performance, despite a muted operating environment.”
Immediately after the earnings announcement, Morgan Stanley (NYSE:MS) shares rose 0.9% in trading prior to the opening bell.
Meanwhile, the outlook for U.S. equity markets was downbeat. The Dow futures pointed to a loss of 0.4% at the open, the S&P 500 indicated a decline of 0.6%, while the Nasdaq 100 signaled a drop of 0.65%.
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