Posts Tagged ‘prior year’

The Middleby Corporation Reports Second Quarter Results | Business Wire

ELGIN, Ill.–(BUSINESS WIRE)–The Middleby Corporation (NASDAQ: MIDD), a leading worldwide

manufacturer of equipment for the commercial foodservice, food

processing and residential kitchen industries, today reported net sales

and earnings for the second quarter ended July 1, 2017. Net earnings for

the second quarter were $77,569,000 or $1.35 per share on net sales of

$579,343,000 as compared to the prior year second quarter net earnings

of $72,891,000 or $1.28 per share on net sales of $580,456,000.

2017 Second Quarter Financial Highlights

  • Net sales decreased 0.2% compared to the prior year second quarter.

    Sales related to recent acquisitions added $29.2 million or 5.0%, in

    the second quarter. The impact of foreign exchange rates on foreign

    sales translated into U.S. Dollars reduced net sales by approximately

    $10.7 million, or 1.8%, during the second quarter. Excluding the

    impact of foreign exchange and acquisitions, sales decreased 3.4%

    during the second quarter.

  • Net sales at the company’s Commercial Foodservice Equipment Group

    increased by $12.8 million, or 4.0%, to $333.8 million in the second

    quarter as compared to $321.0 million the prior year second quarter.

    During fiscal 2016, the company completed the acquisition of Follett.

    Excluding the impact of this acquisition, sales decreased 4.4% in the

    second quarter, or 3.3% excluding the impact of foreign exchange.

  • Net sales at the company’s Food Processing Equipment Group increased

    by $8.9 million, or 10.7%, to $92.4 million in the second quarter as

    compared to $83.5 million the prior year second quarter. During fiscal

    2017, the company completed the acquisition of Burford. Excluding the

    impact of this acquisition, sales increased 8.0% in the second

    quarter, or 8.5% excluding the impact of foreign exchange.

  • Net sales at the company’s Residential Kitchen Equipment Group

    decreased by $22.8 million, or 13.0%, to $153.2 million in the second

    quarter as compared to $176.0 million in the prior year second

    quarter. Excluding the impact of foreign exchange, sales decreased

    9.1%.

  • Gross profit in the second quarter increased to $234.6 million from

    $233.5 million. The gross margin rate increased to 40.5% from 40.2%

    for the second quarter, reflecting improvement in profitability for

    both the Food Processing Equipment Group and the Residential Kitchen

    Equipment Group, due to the favorable impact of restructuring

    initiatives at the AGA group. This increase was offset in part by

    lower gross margins at the Commercial Foodservice Group reflecting the

    impact from the acquisition of Follett.

  • Operating income increased 9.1% in the second quarter to $122.1

    million from $111.9 million in the prior year quarter. Operating

    income during the second quarter of 2017 included $11.5 million of

    restructuring charges related to cost reduction initiatives associated

    primarily with AGA, as compared to $6.4 million in charges in the

    second quarter of 2017 related to acquisition integration initiatives

    at AGA. Additionally, the company realized a $12.0 million gain on the

    sale of a manufacturing facility in connection with relocation to an

    upgraded facility which will allow for improvement in production

    efficiencies and consolidation of certain operations. Operating income

    also included the impact of $3.4 million in non-cash expenses

    associated with the finalization of purchase accounting adjustments

    during the quarter for the Follett acquisition completed in 2016.

  • Non-cash expenses included in operating income during the second

    quarter of 2017 amounted to $20.9 million, including $7.4 million of

    depreciation, $10.5 million of intangible amortization and $3.0

    million of non-cash share based compensation.

  • Other expense in the quarter was $0.3 million compared to $3.8 million

    of other income in the prior year quarter, consisting mainly of

    foreign exchange gains and losses.

  • The provision for income taxes during the second quarter amounted to

    $38.6 million, at an effective rate of 33.2%, as compared to a $36.8

    million provision at a 33.5% effective rate in the prior year quarter.

  • Net earnings per share increased 5.5% to $1.35 in the second quarter

    as compared to $1.28 in the prior year quarter. Net earnings in the

    current second quarter were reduced by restructuring expenses,

    non-cash expenses associated with the finalization of purchase

    accounting adjustments for Follett, offset by the gain on sale of a

    manufacturing facility. The impact of these items reduced earnings per

    share by $0.04 in the 2017 second quarter period.

  • Net debt, defined as debt less cash, at the end of the second quarter

    amounted to $738.4 million as compared to $663.6 million at the end of

    the fiscal 2016. Second quarter debt reflected the funding of the

    Burford, CVP Systems and Sveba Dahlen acquisitions completed in the

    current period.

Selim A. Bassoul Chairman and Chief Executive Officer, commented, “At

the Commercial Foodservice Equipment Group, sales continued to be slower

due to timing of purchases from our major restaurant chain customers. We

have an exciting pipeline of new product opportunities with existing and

new major restaurant chain customers. These new equipment solutions have

a quick and proven payback to the restaurant operator. We have a high

level of confidence these opportunities will translate into revenues and

future growth, although longer periods of time to finalize programs

associated with larger capital investments at those customers has

impacted our revenues with those customers during the quarter.”

“At the Food Processing Equipment Group, we realized a solid quarter and

continue to see development of new food processing facilities in

emerging markets and with customers in existing facilities looking to

expand production capacities. We have invested heavily in the operations

of our industrial bakery brands, including the opening of our world

class industrial baking center in Plano, Texas which provides a resource

and expertise to our customers.”

Mr. Bassoul continued, “At our Residential Kitchen Equipment Group, the

second quarter sales decline reflects the impact of lower revenues at

the AGA Group due to acquisition integration initiatives. In an effort

to simplify those businesses and significantly reduce costs, we have

eliminated unprofitable products and reduced price discounting for

non-core business within that group. At Viking we continued to realize

sales declines reflecting the impact of the prior year product recall

and legacy issues related to products manufactured during the previous

ownership. We continue to have a positive outlook for this brand as the

benefit of the comprehensive new product lineup, improved customer

service, and significant investments in after-sales service take hold in

the marketplace. Since the acquisition by Middleby, Viking has released

more award winning products than any time in its history. As a result of

these investments, Viking is now leading in consumer product ratings

across its product categories.”

Mr. Bassoul added, “We continue to expand our industry leading profit

margins at all three business segments. Through our continued focus on

product innovation, pricing discipline and operational excellence we

realized record EBITDA margins despite short-term revenue declines. We

have ongoing initiatives to integrate recently acquired businesses and

remain in the early stages of leveraging synergies in our newly

developed residential platform. We remain confident in our commitment

and progress toward our longer-term margin expansion goals for the

company.

Mr. Bassoul further commented, “We were also very pleased to announce

three acquisitions during the quarter including, Burford, CVP Systems

and Sveba Dahlen. Burford is a leading brand in a broad line of seeding,

topping and slicing equipment for the industrial baking industry

complementing our existing baking systems offering. CVP Systems is a

leader in high speed modified atmosphere packaging systems,

complementing both our Food Processing Equipment Group product offerings

in meat and bakery equipment. Sveba Dahlen adds two leading brands to

our portfolio, which included the Bear Varimixer and Sveba Dahlen

brands. Bear Varimixer is a leading brand and innovator in mixing

equipment utilized primarily in the foodservice industry. Sveba Dahlen

is a long standing and highly respected manufacturer of ovens for the

baking industry, significantly expanding Middleby’s offering in this

product category and providing increased opportunities to expand and

accelerate growth into the retail supermarket customer segment.”

Conference Call

A conference call will be held at 10:00 a.m. Central time on August 10,

2017 and can be accessed by dialing (888) 391-6937 or (315) 625-3077 and

entering conference code 65321198#. The conference call is also

accessible through the Investor Relations section of the company website

at www.middleby.com.

A replay of the conference call will be available two hours after the

conclusion of the call by dialing (855) 859-2056 and entering conference

code 65321198#.

Statements in this press release or otherwise attributable to the

company regarding the company’s business which are not historical fact

are forward-looking statements made pursuant to the safe harbor

provisions of the Private Securities Litigation Reform Act of 1995. The

company cautions investors that such statements are estimates of future

performance and are highly dependent upon a variety of important factors

that could cause actual results to differ materially from such

statements. Such factors include variability in financing costs;

quarterly variations in operating results; dependence on key customers;

international exposure; foreign exchange and political risks affecting

international sales; changing market conditions; the impact of

competitive products and pricing; the timely development and market

acceptance of the company’s products; the availability and cost of raw

materials; and other risks detailed herein and from time-to-time in the

company’s SEC filings.

The Middleby Corporation is a global leader in the foodservice equipment

industry. The company develops, manufactures, markets and services a

broad line of equipment used in the commercial foodservice, food

processing, and residential kitchen equipment industries. The company’s

leading equipment brands serving the commercial foodservice industry

include Anets®, Bear Varimixer®, Beech®, Blodgett®, Blodgett Combi®,

Blodgett Range®, Bloomfield®, Britannia®, Carter-Hoffmann®, Celfrost®,

Concordia®, CookTek®, CTX®, Desmon®, Doyon®, Eswood®, frifri®, Follett®,

Giga®, Goldstein® , Holman®, Houno®, IMC®, Induc®, Jade®, Lang®,

Lincat®, MagiKitch’n®, Market Forge®, Marsal®, Middleby Marshall®, MPC®,

Nieco®, Nu-Vu®, PerfectFry®, Pitco Frialator®, Southbend®, Star®, Sveba

Dahlen®, Toastmaster®, TurboChef® and Wells® and Wunder-Bar®. The

company’s leading equipment brands serving the food processing industry

include Alkar®, Armor Inox®, Auto-Bake®, Baker® Thermal Solutions®,

Burford®, Cozzini®, CVP Systems®, Danfotech®, Drake®, Maurer-Atmos®, MP

Equipment®, RapidPak®, Spooner Vicars®, Stewart Systems® and Thurne®.

The company’s leading equipment brands serving the residential kitchen

industry include AGA®, AGA Cookshop®, Brigade®, Falcon®, Fired Earth®,

Grange®, Heartland®, La Cornue®, Leisure Sinks®, Lynx®, Marvel®,

Mercury®, Rangemaster®, Rayburn®, Redfyre®, Sedona®, Stanley®,

TurboChef®, U-Line® and Viking®.

For more information about The Middleby Corporation and the company

brands, please visit www.middleby.com

 

 

 

 

THE MIDDLEBY CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF

EARNINGS

(Amounts in 000’s, Except Per Share Information)

(Unaudited)

 

 

Three Months Ended

Six Months Ended

 

2nd Qtr, 2017

2nd Qtr, 2016

2nd Qtr, 2017

2nd Qtr, 2016

Net sales

$

579,343

$

580,456

$

1,109,640

$

1,096,811

Cost of sales

 

344,735

 

346,954

 

665,582

 

666,536

 

Gross profit

234,608

233,502

444,058

430,275

 

Selling, general & administrative

113,020

115,199

219,666

224,991

Restructuring expenses

11,494

6,390

13,219

6,996

Gain on sale of plant

 

(12,042)

 

 

(12,042)

 

 

Income from operations

122,136

111,913

223,215

198,288

 

Interest expense and deferred

financing amortization, net

5,702

6,059

11,507

11,335

Other expense (income), net

 

302

 

(3,838)

 

2,169

 

(4,638)

 

Earnings before income taxes

116,132

109,692

209,539

191,591

 

Provision for income taxes

 

38,563

 

36,801

 

61,268

 

64,162

 

Net earnings

$

77,569

$

72,891

$

148,271

$

127,429

 

 

Net earnings per share:

 

Basic

$

1.35

$

1.28

$

2.59

$

2.23

 

Diluted

$

1.35

$

1.28

$

2.59

$

2.23

 

Weighted average number shares:

 

Basic

 

57,299

 

57,022

 

57,201

 

57,037

 

Diluted

 

57,299

 

57,022

 

57,201

 

57,037

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Berry Global Group, Inc. Reports Second Quarter Fiscal 2017 Results | Business Wire

EVANSVILLE, Ind.–(BUSINESS WIRE)–Berry Global Group, Inc. (NYSE:BERY) today reported results for its

second fiscal 2017 quarter, referred to in the following as the March

2017 quarter.

  • Net income for the March 2017 quarter was $72 million ($0.54 per

    diluted share) compared to $59 million ($0.47 per diluted share) in

    the prior year quarter. Adjusted net income in the March 2017 quarter

    was 36 percent higher at $0.79 per diluted share compared to $0.58 per

    diluted share in the prior year quarter.

  • Net sales increased 12% over the prior year quarter and was a

    quarterly record at $1 billion 806 million. Operating income for the

    quarter increased to $175 million compared to $165 million in the

    prior year quarter. Operating EBITDA was also a quarterly record at

    $336 million (18.6% of net sales).

  • Cash flow from operations for the last four quarters ended March 2017

    was $829 million, and adjusted free cash flow for the same period was

    $524 million.

  • We are reaffirming our fiscal 2017 guidance of projected cash flow

    from operations of $925 million and adjusted free cash flow of $550

    million.

  • Increased our annual cost synergies for the AEP acquisition from our

    original guidance of $50 million to $70 million.

“I am pleased to report that we had another quarter of record financial

results. Milestones for both revenue and operating EBITDA were achieved

of $1 billion $806 million and $336 million, respectively. Adjusted free

cash flow improved 36% to $122 million, and adjusted net income was also

36% higher at 79 cents per diluted share,” said Tom Salmon, CEO of Berry.

March 2017 Quarter Results

Comparison of the Quarterly Period Ended April 1, 2017 (“Current

Quarter”) and the Quarterly Period Ended April 2, 2016 (“Prior Year

Quarter”) are presented below:

 

 

Consolidated Overview

 

 

 

 

 

 

 

 

 

 

(in millions of dollars)

Current
Quarter

 

 

Prior Year
Quarter

 

 

$ Change

 

 

% Change

Net sales

$

1,806

 

 

$

1,614

 

 

$

192

 

 

12

%

Operating income

175

165

10

6

%

 

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NIKE, Inc. Reports Fiscal 2017 Third Quarter Results | Business Wire

BEAVERTON, Ore.–(BUSINESS WIRE)–NIKE, Inc. (NYSE:NKE) today reported financial results for its fiscal

2017 third quarter ended February 28, 2017. Consumer demand in all

geographies drove revenue growth across the NIKE Brand portfolio.

Diluted earnings per share were up 24 percent and grew faster than

revenue, primarily due to selling and administrative expense leverage,

higher other income (net), a lower effective tax rate and a lower

average share count.

“The power of NIKE’s diverse, global portfolio delivered another solid

quarter of growth and profitability,” said Mark Parker, Chairman,

President and CEO, NIKE, Inc. “To expand our leadership and ignite

NIKE’s next phase of growth, we’re delivering a relentless flow of

innovation through performance and style, increasing speed throughout

the business and creating more direct connections with consumers

leveraging digital and membership.”**

Third Quarter Income Statement Review

  • Revenuesfor NIKE, Inc. increased 5 percent to

    $8.4 billion, up 7 percent on a currency-neutral basis.

  • Revenues for the NIKE Brand were $7.9 billion, up 7 percent on a

    currency-neutral basis, driven by double-digit growth in Western

    Europe, Greater China and the Emerging Markets as well as the

    Sportswear and Jordan Brand categories.

  • Revenues for Converse were $498 million, up 3 percent on a

    currency-neutral basis, driven by growth in North America.

  • Gross margin contracted 140 basis points to 44.5

    percent, as higher average selling prices were more than offset by

    higher product costs, unfavorable changes in foreign exchange rates

    and the impact of higher off-price sales.

  • Selling and administrative expense decreased 3 percent

    to $2.5 billion. Demand creation expense was $749 million, down 7

    percent as fiscal 2017 spend was weighted towards the first six months

    due to significant investments around the Olympics and the European

    Championships. Operating overhead expense decreased 1 percent to $1.7

    billion, as continued investments in Direct-to-Consumer (DTC) were

    offset by lower bad debt expense compared to the prior year and lower

    administrative costs as Edit-to-Amplify initiatives are driving

    productivity in core operational spending.

  • Other income, net was $88 million comprised primarily of

    net foreign currency exchange gains, and to a lesser extent,

    non-operating items.

  • The effective tax rate was 13.8 percent, compared to

    16.3 percent for the same period last year, primarily due to a

    reduction in tax reserves and an increase in the mix of earnings from

    operations outside of the U.S., which are generally subject to a lower

    tax rate.

  • Net income increased 20 percent to $1.1 billion and diluted

    earnings per share increased 24 percent to $0.68 as revenue

    growth, selling and administrative expense leverage, higher other

    income (net), a lower tax rate and a three percent decline in the

    weighted average diluted common shares outstanding more than offset

    lower gross margin.

February 28, 2017 Balance Sheet Review

  • Inventories for NIKE, Inc. were $4.9 billion, up 7

    percent compared to the prior year as a 3 percent decrease in NIKE

    Brand wholesale unit inventories was offset by increases in average

    product costs per unit and higher inventories associated with growth

    in DTC.

  • Cash and short-term investments were $6.2 billion, $1.1

    billion higher than the prior year as growth in net income and

    proceeds from the issuance of debt in the second quarter of fiscal

    2017 as well as proceeds from employee exercises of stock options more

    than offset share repurchases, higher dividends and investments in

    infrastructure.

Share Repurchases

During the third quarter, NIKE, Inc. repurchased a total of 8.9 million

shares for approximately $475 million as part of the four-year, $12

billion program approved by the Board of Directors in November 2015. As

of February 28, 2017, a total of 64.9 million shares had been

repurchased under this program for approximately $3.6 billion.

Futures Orders

Worldwide futures orders for the NIKE Brand will be referenced on our

earnings conference calls as deemed appropriate. NIKE Brand and

geography Futures Orders growth versus the prior year will be posted on

the NIKE, Inc. Investor Relations website at http://investors.NIKE.com

following the call.

Conference Call

NIKE, Inc. management will host a conference call beginning at

approximately 2:00 p.m. PT on March 21, 2017, to review fiscal third

quarter results. The conference call will be broadcast live over the

Internet and can be accessed at http://investors.NIKE.com.

For those unable to listen to the live broadcast, an archived version

will be available at the same location through 9:00 p.m. PT, March 28,

2017.

About NIKE, Inc.

NIKE, Inc., based near Beaverton, Oregon, is the world’s leading

designer, marketer and distributor of authentic athletic footwear,

apparel, equipment and accessories for a wide variety of sports and

fitness activities. Wholly-owned NIKE, Inc. subsidiary brands include

Converse, which designs, markets and distributes athletic lifestyle

footwear, apparel and accessories; and Hurley, which designs, markets

and distributes surf and youth lifestyle footwear, apparel and

accessories. For more information, NIKE, Inc.’s earnings releases and

other financial information are available on the Internet at http://investors.NIKE.com

and individuals can follow @NIKE.

* See additional information in the accompanying Divisional

Revenues table regarding this non-GAAP financial measure.

** The marked paragraphs contain forward-looking statements

that involve risks and uncertainties that could cause actual results to

differ materially. These risks and uncertainties are detailed from time

to time in reports filed by NIKE with the Securities and Exchange

Commission (SEC), including Forms 8-K, 10-Q, and 10-K.

 

 

 

 

 

 

 

NIKE, Inc.

CONSOLIDATED STATEMENTS OF INCOME

 

THREE MONTHS ENDED

%

NINE MONTHS ENDED

%

(Dollars in millions, except per share data)

 

 

2/28/2017

 

 

 

2/29/2016

 

 

Change

 

 

 

2/28/2017

 

 

 

2/29/2016

 

 

Change

Revenues

$

8,432

$

8,032

5

%

$

25,673

$

24,132

6

%

Cost of sales

 

 

4,682

 

 

 

4,343

 

 

8

%

 

 

 

14,184

 

 

 

12,947

 

 

10

%

Gross profit

3,750

3,689

2

%

11,489

11,185

3

%

Gross margin

44.5

%

45.9

%

44.8

%

46.3

%

 

Demand creation expense

749

804

-7

%

2,552

2,405

6

%

Operating overhead expense

 

 

1,747

 

 

 

1,762

 

 

-1

%

 

 

 

5,346

 

 

 

5,298

 

 

1

%

Total selling and administrative expense

2,496

2,566

-3

%

7,898

7,703

3

%

% of revenue

29.6

%

31.9

%

30.8

%

31.9

%

 

Interest expense (income), net

19

5

41

14

Other (income) expense, net

 

 

(88

)

 

 

(17

)

 

 

 

 

 

(168

)

 

 

(82

)

 

 

Income before income taxes

1,323

1,135

17

%

3,718

3,550

5

%

Income tax expense

 

 

182

 

 

 

185

 

 

-2

%

 

 

 

486

 

 

 

636

 

 

-24

%

Effective tax rate

13.8

%

16.3

%

13.1

%

17.9

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NET INCOME

 

$

1,141

 

 

$

950

 

 

20

%

 

 

$

3,232

 

 

$

2,914

 

 

11

%

 

Earnings per common share:

Basic

$

0.69

$

0.56

23

%

$

1.95

$

1.71

14

%

Diluted

$

0.68

$

0.55

24

%

$

1.91

$

1.67

14

%

 

Weighted average common shares outstanding:

Basic

1,653.1

1,693.8

1,661.5

1,703.2

Diluted

1,686.3

1,737.3

1,696.4

1,748.5

 

Dividends declared per common share

 

$

0.18

 

 

$

0.16

 

 

 

 

 

$

0.52

 

 

$

0.46

 

 

 

 

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Mead Johnson Nutrition Reports First Quarter 2017 Results | Business Wire

CHICAGO–()–Mead Johnson Nutrition Company (NYSE: MJN) today announced its financial

results for the quarter ended March 31, 2017.

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Highlights are as follows:

  • Net sales were 8% below the prior year quarter on a reported basis and

    5% below the prior year quarter on a constant dollar basis.(1)

  • Gross Margin was 62.6% for the first quarter 2017, which was 130 basis

    points below the prior year quarter on a GAAP basis and 150 basis

    points below the prior year quarter on a non-GAAP basis. Benefits from

    lower dairy costs and price increases were more than offset by higher

    costs for new premium products, increased trade investments and

    adverse foreign exchange.

  • Advertising and Promotion increased 6% in the first quarter compared

    to the prior year quarter, primarily as a result of investments to

    support product launches and the channel transition in China.

  • Selling, general and administrative expenses decreased 3% in the first

    quarter compared to the prior year quarter primarily due to beneficial

    foreign currency translation.

  • Earnings before Interest and Income Taxes (EBIT) was 3% higher in the

    first quarter compared to the prior year quarter. Reduced gross profit

    from lower sales and adverse foreign exchange in the first quarter of

    2017 were less than the impact of the prior year Venezuela charges.

    Excluding Specified Items and the impact of foreign exchange, non-GAAP

    EBIT was 22% below the prior year quarter due to lower sales and

    reduced gross margin.

  • In the quarter, the company’s effective tax rate (ETR) was 8.1%,

    primarily reflecting the timing of foreign tax credit recognition

    associated with the repatriation of foreign earnings.

  • Earnings per Share (EPS) for the first quarter of 2017 was $0.65

    compared to $0.39 in the prior year quarter. Excluding Specified

    Items, non-GAAP EPS on a constant dollar basis for the first quarter

    of 2017 was $0.80, which excludes $0.06 of adverse foreign currency

    impacts, compared to $0.87 in the prior year quarter.

Kasper Jakobsen, Chief Executive Officer, said “Our first quarter of the

year results were much as expected. Comparisons to last year were

impacted by one-time events in both the base year period and the current

period. While we are addressing challenges across the business, we

importantly remain on track in China, where our new products continue to

deliver strong growth for us and the channel transition to an online

model in Hong Kong continues to accelerate.”

(1) Constant dollar figures exclude the impact of changes

in foreign currency exchange rates and are reconciled in the tables in

the body of this earnings release and in the schedules titled

“Reconciliation of non-GAAP to GAAP Results.” Non-GAAP results exclude

Specified Items. For a description of Specified Items and a

reconciliation of non-GAAP to GAAP, see the schedules titled

“Reconciliation of non-GAAP to GAAP Results.”

 

 

First Quarter 2017

(Dollars in Millions)

(UNAUDITED)

 

 

 

 

Three Months Ended March 31,

% Change

% Change Due to

 

% of

 

 

% of

 

Constant

 

 

Foreign

Net Sales

2017

Total

2016

Total

Reported

Dollar

Volume

Price/Mix

Exchange

Asia

$434.1

49%

$500.6

52%

(13)%

(10)%

(10)%

—%

(3)%

Latin America

156.2

18%

160.3

17%

(3)%

6%

(5)%

11%

(9)%

North America/Europe

293.2

33%

301.2

31%

(3)%

(2)%

(6)%

4%

(1)%

Net Sales

$883.5

100%

$962.1

100%

(8)%

(5)%

(8)%

3%

(3)%

 

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Morgan Stanley Reports Third Quarter 2013: | Business Wire

NEW YORK–(BUSINESS WIRE)–Morgan Stanley (NYSE:MS) today reported net revenues of $7.9 billion for

the third quarter ended September 30, 2013 compared with $5.3 billion a

year ago. For the current quarter, income from continuing operations

applicable to Morgan Stanley was $888 million, or $0.44 per diluted

share,6 compared with a loss of $1.0 billion, or a loss of

$0.55 per diluted share,6 for the same period a year ago.

Results for the current quarter included negative revenue related to

changes in Morgan Stanley’s debt-related credit spreads and other credit

factors (Debt Valuation Adjustment, DVA)1 of $171 million,

compared with $2.3 billion a year ago.

Excluding DVA, net revenues for the current quarter were $8.1 billion

compared with $7.5 billion a year ago and income from continuing

operations applicable to Morgan Stanley was $1.0 billion, or $0.50 per

diluted share, compared with income of $560 million, or $0.28 per

diluted share, a year ago.3,7

Compensation expense of $4.0 billion was relatively unchanged from a

year ago. Non-compensation expenses of $2.6 billion decreased from $2.8

billion in the prior year primarily due to the absence of non-recurring

Wealth Management integration expenses in the prior year quarter.

For the current quarter, net income applicable to Morgan Stanley,

including discontinued operations, was $0.45 per diluted share, compared

with a loss of $0.55 per diluted share in the third quarter of 2012.6

 

Summary of Firm Results
(dollars in millions)

 

 

 

As Reported

 

 

 

Excluding DVA7

Net

 

 

 

MS Income

Net

 

 

 

MS Income

Revenues

 

 

 

Cont. Ops.

Revenues

 

 

 

Cont. Ops.

3Q 2013

$7,932

$888

$8,103

$1,009

2Q 2013

$8,503

$1,009

$8,328

$898

3Q 2012

 

 

 

$5,280

 

 

 

$(1,008)

 

 

 

$7,542

 

 

 

$560

 

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