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Morgan Stanley Q4 Results Miss Estimates - Quick Facts

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(RTTNews.com) - Morgan Stanley ( MS ) on Thursday reported fourth-quarter net income applicable to the company's shareholders of $1.36 billion or $0.80 per share, up sharply from $473 million or $0.26 per share in the year-ago period.

The latest quarter's results include an intermittent net discrete tax benefit of $111 million, or $0.07 per share, primarily associated with new information pertaining to the resolution of multi-jurisdiction tax examinations.

The year-ago quarter's results included an intermittent net discrete tax provision of $1.0 billion, or a loss of $0.58 per share, primarily related to the enactment of the Tax Cuts and Jobs Act.

Excluding items, adjusted earnings for the quarter were $0.73 per share, compared to $0.84 per share in the year-ago period.

On average, 23 analysts polled by Thomson Reuters expected the company to report earnings of $0.92 for the quarter. Analysts' estimates typically exclude special items.

Net revenues for the quarter declined 10 percent to $8.55 billion from $9.50 billion a year ago. Analysts expected revenue of $9.43 billion for the quarter.

The company noted that revenues for the quarter were negatively impacted by the volatile global market environment.

Institutional Securities net revenues declined 15 percent to $3.84 billion from $4.52 billion a year ago.

Of this, Fixed income sales and trading net revenues of $564 million decreased 30.2 percent from $808 million a year ago, reflecting lower results in credit and rates products due to unfavorable market making conditions that resulted from significant credit spread widening and volatile rate movements, partially offset by increases in commodities revenues.

Wealth Management net revenues declined 6 percent to $4.14 billion from $4.41 billion last year, while Investment Management net revenues rose 7 percent to $684 million from $637 million a year ago.

The company's board of directors declared a $0.30 quarterly dividend per share, payable on February 15, 2019 to common shareholders of record on January 31, 2019.

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