Morgan Stanley (NYSE:MS) earnings for the financial company’s second quarter of 2020 have MS stock heading higher on Thursday. This comes after reporting diluted earnings per share of $1.96. That’s better than Wall Street’s estimate of $1.12 per share. Its revenue of $13.41 billion also blows past analysts’ estimates of $10.31 billion.
Here’s what else is worth noting from the most recent Morgan Stanley earnings report.
- Diluted per-share earnings are up 59.4% from $1.23 during Q2 2019.
- Revenue comes in 31% higher than the $10.24 billion from the same time last year.
- The Morgan Stanley earnings also have it reporting a net income of $3.2 billion.
- That’s a 45.5% increase over the company’s net income of $2.2 billion in the same period of the year prior.
James Gorman, chairman and CEO of Morgan Stanley, said this about the company’s earnings report.
“Our decade long business transformation was intended to provide stability during times of serious stress. The second quarter tested the model and we performed exceedingly well, delivering record results. This builds on the momentum of a very strong first quarter, while more than 90% of our employees continue to work from home, demonstrating the ongoing operational resilience of our platform.”
Morgan Stanley doesn’t discuss guidance in its Q2 earnings report. However, we know what Wall Street expects. That includes diluted EPS of $3.89 on revenue of $38.21 billion for the year.
MS stock was up 2.2% as of Thursday afternoon.
As of this writing, William White did not hold a position in any of the aforementioned securities.