Morgan Stanley 3Q profit rises to $2.11 bln, tops estimates

FILE - This March 1, 2017, file photo shows the Morgan Stanley headquarters in New York. Morgan Stanley reports earnings Tuesday, Oct. 16, 2018. (AP Photo/Mark Lennihan, File)

NEW YORK (AP) — Morgan Stanley says third-quarter profit rose to $2.11 billion from $1.78 billion a year ago.

The company, based in New York, says it had earnings of $1.17 per share compared with 93 cents a year earlier.

The results topped Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was for earnings of $1 per share.

The investment bank posted revenue of $12.56 billion in the period. Its revenue net of interest expense was $9.87 billion, up from $9.2 billion a year ago and exceeding Street forecasts. Three analysts surveyed by Zacks expected $9.53 billion.

Morgan Stanley shares have fallen 17 percent since the beginning of the year. Shares rose 2.6 percent in premarket trading.


This story was generated in part by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on MS at https://www.zacks.com/ap/MS

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