Morgan Stanley (MS) said early Thursday that it had net sales of $8.2 billion for the first quarter ended March 31, compared with revenues of $6.9 billion a year ago. For the current quarter, income from continuing operations applicable to Morgan Stanley was $1.0 billion, or $0.50 per share, compared with a loss of $79 million, or a loss of $0.05 per share, for the year-ago period.
Excluding a debt-value adjustment of $317 million, net revenues for the current quarter were $8.5 billion compared with $8.9 billion a year ago and income from continuing operations applicable to Morgan Stanley was $1.2 billion, or $0.61 per share, compared with income of $1.4 billion, or $0.71 per share a year ago.
Analysts had expected the company to report earnings excluding items like DVA of $0.57 a share on $8.35 billion in revenue, according Reuters.
“Morgan Stanley demonstrated solid momentum across the firm this quarter, consistent with the strategic objectives we laid out at the beginning of the year,” said Chairman and CEO James Gorman in a press release.
Morgan Stanley’s Global Wealth Management Group reported pretax income from continuing operations of $597 million compared with $562 million in the prior quarter and $403 million in the first quarter of last year. The quarter’s pretax margin was 17% versus 17% in the prior quarter and 12% a year ago.
Net revenues for the current quarter were $3.47 billion, compared with $3.32 billion in the prior quarter and $3.29 billion a year ago. Income after the noncontrolling interest allocation to Citigroup (C) and before taxes was $476 million.
Net income for the first quarter of 2013 was $255 million, down 4% from $267 million in the prior quarter, but up 29% from the year-ago quarter.
In terms of the unit’s advisor headcount, Morgan Stanley had 16,284 reps as of March 30 versus 16,352 as of Dec. 31, 2012, and 16,726 as of March 30, 2012—a 3% year-over-year decline (or a loss of 442 advisors).