Morgan Stanley en beneficios, pero no ilusiona al mercado
Morgan Stanley ganó 413 millones millones de dólares en el cuarto trimestre, frente a los 10.529 millones que perdió en el mismo periodo de 2008. En términos relativos representa un beneficio de 0,14 dolares por acción, menos de lo esperado (ver Estimaciones resultados para la banca. Resultados de la semana)
Para todo el 2009 tiene un beneficio de 1.149 millones $, frente a las pérdidas de 807 millones de 2008.
Los ingresos del banco suman 23.358 millones $ en el ejercicio, un 28% más que los 18.236 millones $ del 2008.
En la comunicación de los resultados cabe resaltar:
Morgan Stanley (NYSE: MS) today reported income from continuing operations applicable to Morgan Stanley for the year ended December 31, 2009 of $1,149 million, compared with a loss from continuing operations applicable to Morgan Stanley of $807 million, a year ago. The Firm reported a loss from continuing operations of $0.93 per diluted share2 reflecting preferred dividends and the repurchase of TARP Capital, compared with a loss from continuing operations of $1.26 per diluted share in the prior year. Net revenues for the year were $23.4 billion, compared with $18.2 billion in the prior year. Net revenues in the current year included negative revenue of $5.5 billion due to the significant improvement in Morgan Stanley’s credit spreads on certain of its long-term debt (debt-related credit spreads), while the prior year included positive revenue of $5.3 billion related to the deterioration of the same debt-related credit spreads.3 Comparisons of current year results to the prior year were impacted by the results of the Morgan Stanley Smith Barney joint venture (MSSB),4 which closed on May 31, 2009.
Non-interest expenses of $22.5 billion increased 12 percent from a year ago. Non-compensation expenses decreased 10 percent from a year ago. Compensation expenses were $14.4 billion compared with $11.1 billion a year ago. As noted above, comparisons of current year results to the prior year, including compensation, were impacted by the non-interest expenses associated with MSSB,4 which added approximately 19,000 employees and increased firm-wide headcount by 40 percent.
Income from continuing operations applicable to Morgan Stanley for the fourth quarter was $413 million, or $0.14 per diluted share,2 compared with a loss from continuing operations applicable to Morgan Stanley of $10,529 million, or $10.92 per diluted share, a year ago. Net revenues were $6.8 billion, compared with negative $13.0 billion in last year’s fourth quarter. Comparisons of current quarter results with the prior year were impacted by negative revenue of $6.0 billion5 in the comparable period last year related to the improvement in debt-related credit spreads, following a period of unprecedented market turmoil, compared with negative revenue in the current quarter of $0.6 billion.5 The annualized return on average common equity from continuing operations was 2.1 percent in the current quarter.
Non-interest expenses were $6.2 billion, compared with $2.3 billion from last year’s fourth quarter. Compensation expenses were $3.8 billion, compared with negative $0.7 billion a year ago. Non-compensation expenses decreased 18 percent, primarily reflecting firm-wide initiatives to reduce costs, lower levels of business activity and non-cash charges of $725 million related to the impairment of goodwill and intangible assets in the prior year. As noted above, comparisons of current quarter results to the prior year were impacted by MSSB.
The current year tax benefit of $336 million, or $0.28 per diluted share, primarily reflects the anticipated repatriation of non-U.S. earnings at lower than previously estimated tax rates, the anticipated use of domestic tax credits and utilization of state net operating losses.
Net income applicable to Morgan Stanley for the year was $1,346 million, or a loss of $0.76 per diluted share, compared with a net loss applicable to Morgan Stanley of $246 million, or $0.71 per diluted share a year ago.2, 6 For the current quarter, net income applicable to Morgan Stanley was $617 million, or $0.29 per diluted share, compared with a net loss applicable to Morgan Stanley of $10,953 million, or $11.35 per diluted share, in the fourth quarter of last year.6
Full-Year Business Highlights
Investment banking delivered strong results, with underwriting revenues up 61 percent from last year. Morgan Stanley ranked #1 in global announced and completed M&A.7
Sales and trading net revenues of $8.6 billion reflected a loss of $5.5 billion due to the significant improvement in Morgan Stanley’s debt-related credit spreads.3
Global Wealth Management delivered net revenues of $9.4 billion with client assets of $1.6 trillion and 18,135 global representatives.
Asset Management reported a pre-tax loss from continuing operations of $673 million primarily due to losses in the Merchant Banking business, which were partly offset by four consecutive quarters of profitable results in the Core business.8 In addition, the Core business recorded positive net flows of $9 billion for the fourth quarter.
Firm-wide results, including discontinued operations, reflected net losses on investments in real estate of $1.9 billion, amidst the ongoing industry-wide decline in this market.9
Non-compensation expenses continued to reflect the firm-wide efficiency initiatives and lower levels of business activity. Full-year savings were approximately $1.1 billion on a normalized basis10 over the prior year, exceeding our previously disclosed full-year target of $800 million.
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