Wall Street investment bank Morgan Stanley (MS) has reported record financial results for this year’s second quarter.
The New York-based firm announced earnings per share (EPS) of $3.46 U.S., which beat the $2.94 U.S. consensus forecast of analysts.
Revenue in the spring quarter totaled $21.35 billion U.S., which surpassed the $19.64 billion U.S. that had been expected on Wall Street.
Both revenue and earnings per share were records for Morgan Stanley.
Management attributed the strong print to a 69% surge in revenue from stock trading, as well as the bank’s lead underwriting role in the initial public offering (IPO) of SpaceX (SPCX) this June.
Revenue from stock trading at Morgan Stanley hit $6.3 billion U.S., roughly $1.9 billion U.S. more than analysts had expected.
Bond trading during the quarter rose 13% to $2.46 billion U.S., matching the consensus estimate among analysts.
Morgan Stanley is one of several U.S. banks to report record financial results for the second quarter amid a booming stock market and growing number of deals on Wall Street.
JPMorgan Chase (JPM) and Goldman Sachs (GS) also reported record sales and profits for the April through June period.
Morgan Stanley’s results got a boost from its lead role in the SpaceX IPO, which was the biggest share sale in history, raising $85.7 billion U.S.
Banks that worked on the SpaceX IPO, including Morgan Stanley, earned a combined $500 million U.S. in underwriting fees, which was a record on Wall Street.
MS stock has risen 60% in the last 12 months to trade at $227.67 U.S. per share.
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