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Morgan Stanley (MS) - Get Morgan Stanley Report posted stronger-than-expected third quarter earnings Thursday as fixed income revenues surged despite a slow summer of trading.

Morgan Stanley said earnings for the three months ending in September came in at $1.27 per share, up 8.5% from the same period last year and well ahead of the Street consensus forecast. Group revenues, Morgan Stanley said, hit $10 billion, just ahead of analysts' estimates and up 1.13% from last year. Fixed income sales and trading revenue rose 21% form a year ago, Morgan Stanley said.

"We delivered strong quarterly earnings despite the typical summer slowdown and volatile markets," said CEO James Gorman. "Firmwide revenues were over $10 billion for the third consecutive quarter, and we produced an ROE within our target range. Our consistent performance shows the stability of our business model."

"We remain committed to controlling our expenses and are well positioned to pursue our growth initiatives," he added

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Morgan Stanley shares were marked 2.72% higher at the start of trading following the earnings release to change hands at $43.97, a move that would extend the stock's year-to-gate gain to around 12%.