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Wednesday, July 20, 2011

Morgan Stanley Reports Quarterly Earnings on Thursday, July 21 (Financial Charts) *Financial Performance Review* MS

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Morgan Stanley (MS) will report Q2 2011 financial results on Thursday, July 21


Morgan Stanley Financial Performance Review

Morgan Stanley will be reporting Q2 2011 financial results on Thursday, July 21, before market open, at approximately 7:15 a.m. ET. The conference call will be at 10:00 a.m. ET.

Morgan Stanley financial performance charts for prior quarters have been posted on the Morgan Stanley Financial Performance page and will be updated for this next quarterly report.

The Morgan Stanley financial performance charts are:
Morgan Stanley Performance by the Quarters
Earnings per Share
Net Revenues, Operating Income, Net Income
Operating Margin and Net Margin
Capital-to-Assets and Tier 1 Capital Ratios
Income Statement Components
Net Revenues and Earnings per Share Growth Rates
Operating Expense Ratio


Morgan Stanley Future and Past Financial Performance

Earnings per Share
Yahoo Finance Analysts Q2 2011: -$0.62 average, low estimate -$0.75, high estimate -$0.47, 16 analysts
Prior quarter Q1 2011: +$0.50
Prior year Q2 2010: +1.09

Prior Q1 2011 Financial Results
Morgan Stanley is expected to meet or beat various Q1 2011 financial results, but is expected to miss badly on others. These financial results are charted on the Morgan Stanley Financial Performance page. Morgan Stanley for Q1 2011, the 3 months ended March, financial results were:
Net Revenues $7.64 billion
Operating Income $872 million
Net Income $968 million
Earnings per Share $0.50
Operating Income Margin 11.42%
Net Income Margin 12.68%

Summary
A one-time $1.7 billion noncash charge is projected related to the restructuring of the 22% ownership stake by Mitsubishi UFJ Financial Group. Effective June 30, 2011, the 22% ownership by the Japanese bank was converted from preferred shares to common shares and resulted in this one-time charge. The analysts' average earnings per share estimate of -$0.62 is dismal as a result. Therefore, Morgan Stanley is projected to significantly miss QoQ on Earnings per Share, Net Income, and Net Margin. Operations are not affected by the noncash charge, therefore Morgan Stanley is expected to meet or beat on Net Revenues, Operating Income, and Operating Margin. The detailed quarter by quarter charts are on the Morgan Stanley Financial Performance page.

Competitor and investment banker Goldman Sachs reported poor financial performance on Tuesday, July 19, mostly the result of a sharp drop in trading revenues. Goldman Sachs Q2 2011 financial results were reviewed here [Goldman Sachs Reports Lackluster Q2 Earnings (Financial Charts) *Overall poor performance, yet EPS increases*]. Whether there will be a second negative impact on Morgan Stanley financial performance, a drop in trading revenues, is not projected, but unclear. If Morgan Stanley Q2 2011 operations are stable or improved, then next Q3 2011 will appear promising as the one-time $1.7 billion charge related to Mitsubishi UFJ Financial Group will be history.


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