Morgan Stanley (MS) reported that its first-quarter net earnings applicable to common shareholders was $958 million, compared to a loss of $119 million in the prior year quarter. Net earnings were $0.49 per share, compared to a net loss of $0.06 per share in the first quarter of 2012.
Income from continuing operations applicable to Morgan Stanley was $1.0 billion, compared with a loss of $79 million last year. Income from continuing was $0.50 per share, compared to loss of $0.05 per share for the same period a year ago.
Results for the latest-quarter included negative revenue related to changes in Morgan Stanley's debt-related credit spreads and other credit factors or Debt Valuation Adjustment, DVA of $317 million, compared with negative revenue of $2.0 billion a year ago.
Excluding DVA, income from continuing operations applicable to the company was $0.61 per share, compared to $0.71 per share a year ago. Analysts polled by Thomson Reuters expected the company to report earnings of $0.57 per share for the quarter. Analysts' estimates typically exclude special items.
Excluding DVA, net revenues for the current quarter were $8.5 billion compared with $8.9 billion a year ago. Net revenues for the quarter rose to $8.2 billion compared with $6.9 billion a year ago. Seventeen analysts had consensus revenue estimate of $8.35 billion for the quarter.
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