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J.P. Morgan Soars Past Estimates

The financial services company bested expectations by a whopping 56 cents.
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J.P. Morgan

(symbol)

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

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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.