NEW YORK (AP) - Morgan Stanley on Wednesday reported first-quarter profit of $2.43 billion.
The New York-based company said it had earnings of $1.39 per share. Earnings, adjusted for pretax gains, were $1.33 per share.
The results surpassed Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for earnings of $1.17 per share.
The investment bank posted revenue of $13.56 billion in the period. Its revenue net of interest expense was $10.29 billion, also surpassing Street forecasts.
“We delivered solid earnings despite a slow start to the year following the turbulent markets in the fourth quarter,” Chairman and CEO James Gorman said in a statement. “Even though risks to the global environment remain, markets have recovered and we are well positioned to serve our clients and invest in our businesses.”
Morgan Stanley shares have climbed 18% since the beginning of the year, while the Standard & Poor’s 500 index has risen 16%. The stock has declined 12% in the last 12 months.
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Elements of this story were generated by Automated Insights (http://automatedinsights.com/ap ) using data from Zacks Investment Research. Access a Zacks stock report on MS at https://www.zacks.com/ap/MS
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