Published on 18th October 2012
Morgan Stanley, with solid performances in its major divisions – particularly in fixed income – reported adjusted third-quarter earnings of $561 million on Thursday. This translates to an adjusted per share profit of 28 cents, 4 cents ahead of analysts’ expectations, according to a survey by Thomson Reuters. Yet the firm’s earnings before adjustments, which include a one-time charge related to its credit spreads, turned this profit into a large loss of $1.01 billion, or 55 cents a share. Morgan Stanley produced adjusted net revenue of $7.6 billion, or $5.3 billion when the one-time charge is backed out. Analysts typically look at the earnings without one-time charges. [The New York Times]