Morgan Stanley Reports First Quarter 2012
Morgan Stanley (NYSE: MS) reported net revenues of $6.9 billion for the first quarter ended March 31, 2012 compared with $7.6 billion a year ago. For the current quarter, the loss from continuing operations applicable to Morgan Stanley was $78 million, or a loss of $0.05 per diluted share4 compared with income of $984 million, or $0.51 per diluted share, for the same period a year ago.
Results for the quarter included negative revenue of $2.0 billion compared with negative revenue of $189 million a year ago related to changes in Morgan Stanley's debt-related credit spreads and other credit factors (Debt Valuation Adjustment, DVA).1
Excluding DVA, net revenues for the current quarter were $8.9 billion compared with $7.8 billion a year ago and income from continuing operations applicable to Morgan Stanley was $1.4 billion, or $0.71 per diluted share, compared with $1.1 billion, or $0.59 a year ago.2, 5
Compensation expense was $4.4 billion, which included severance expense of $138 million related to staff reductions,6 compared with $4.3 billion a year ago. Non-compensation expenses of $2.3 billion decreased from $2.4 billion a year ago.
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