NEW YORK (AP) _ Morgan Stanley (MS) on Thursday reported fourth-quarter earnings of $2.24 billion.
The company, based in New York, said it had earnings of $1.30 per share. Earnings, adjusted for pretax gains, were $1.20 per share.
The results exceeded Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was for earnings of 98 cents per share.
The investment bank posted revenue of $13.38 billion in the period. Its revenue net of interest expense was $10.86 billion, also surpassing Street forecasts.
Morgan Stanley shares have climbed 3.5% since the beginning of the year, while the Standard & Poor’s 500 index has increased nearly 2%. The stock has risen 23% in the last 12 months.
This story was 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
The Associated Press