Morgan Stanley (NYSE:MS) released its earnings report for the fourth quarter of 2017 on Thursday.
During the fourth quarter of 2017, Morgan Stanley reported earnings per share of 84 cents. This is an increase over its earnings per share of 74 cents from the same time last year. It also beat out Wall Street’s earnings per share estimate of 77 cents for the quarter.
Net income reported by Morgan Stanley for the fourth quarter of the year came in at $686 million. The financial services company reported net income of $1.67 billion for its fourth quarter of the previous year.
Morgan Stanley reported revenue of $9.50 billion for the fourth quarter of 2017. This is up from its revenue of $9.02 billion from the same period of the year prior. It also came in above analysts’ revenue estimate of $9.19 billion for the period.
Morgan Stanley also notes that the new tax reform heavily hit its earnings for the fourth quarter of the year. This includes a net discrete tax provision of $990 million, which is made up of a $1.2
billion net discrete tax provision. It says that this was partially offset by a $168 million net discrete tax benefit.
For the full year of 2017, Morgan Stanley reported earnings per share of $3.60 on revenue of $37.95 billion. Earnings per share and revenue were$2.88 and $34.63 billion in 2016. Wall Street was looking for earnings per share of $3.55 on revenue of $37.62 billion for the full year of 2017.
Goldman Sachs Group Inc (NYSE:GS) and Bank of America Corp (NYSE:BAC) both also released their earnings reports recently and both saw their stocks drop despite earnings beats.
MS stock was up slightly as of Thursday morning.
As of this writing, William White did not hold a position in any of the aforementioned securities.
