blew past earnings estimates for the first quarter, besting expectations by 56 cents.
The financial services company posted net income of $628 million, or $3.37 per share, vs. $600 million, or $3.01 a share, in the year-ago period. Analysts surveyed by
First Call/Thomson Financial
projected earnings of $2.81. Morgan reported revenues of $2.84 billion, a 14% increase over the same period in 1999.
"Strength in equities, investment banking and asset management drove growth and has created a much more diversified earnings mix," said Morgan Chairman Douglas A. Warner III in a statement.
Investment banking revenues increased 41% to $364 million, while equities revenues doubled, to $636 million. Asset management revenues jumped 32% to $407 million.
Morgan shares closed Wednesday up 5/8, or 1%, at 61 3/4.