Morgan Stanley Posts $558 Million Loss, but Beats Estimates Morgan Stanley on Thursday reported adjusted earnings that beat analyst estimates, driven by stronger-than-expected trading revenue. Including charges, the firm had a first-quarter loss of $94 million, 6 cents a share. That compares with a profit of $968 million in the year-ago period.The results, however, were affected by one-time accounting charges related to the firm's credit spreads. Excluding those one-time items, the firm had a profit of 71 cents a share. That handily beat the 44 cents a share estimates of analysts polled by Thomson Reuters.
Morgan Stanley's first-quarter revenue fell 8 percent to $6.9 billion, down from $7.57 billion in the year-ago period. Excluding the accounting charges, revenue was $8.9 billion, up from the $7.8 billion in the same quarter a year ago.
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Bank of America Earnings Fall to $653 Million Bank of America reported Thursday that its net income fell to $653 million, or 3 cents a share, in the first quarter, partly because of one-time expenses.The bank reported that its revenue fort the quarter was $22.5 billion, which was down 17 percent from the same period a year ago. The top and bottom line were affected by accounting charges for how the bank's debt is valued, as credit spreads tightened.
Excluding those charges, the company's revenue was down 2.5 percent to $27.3 billion while its profit was up 34.8 percent to $310 million. The bank's operating income was 31 cents a share and was ahead of analyst estimates of 12 cents a share. Its revenue met expectations.
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