UPDATE: Moody's Posts Better-Than-Expected Q2 Profit

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Moody's
MCO
reported upbeat second-quarter results and lifted its full-year revenue forecast. The New York-based company reported quarterly earnings of $319.2 million, or $1.48 per share, versus $225.5 million, or $1 per share, in the year-ago period. Its non-GAAP EPS, excluding the ICRA gain, rose 12% to $1.12 from $1.00. Its revenue climbed 16% to $873.5 million from $756.0 million. However, analysts were expecting earnings of $1.01 per share on revenue of $803 million. Its US revenue rose 13% to $461.1 million, while non-US revenue climbed 19% to $412.4 million. Revenue for Moody's Investors Service surged 16% to $621.7 million, while Moody's Analytics revenue surged 15% to $251.8 million. Global corporate finance revenue climbed 22% to $320.9 million, while Global structured finance revenue rose 14% to $110.6 million. Revenue from research, data and analytics jumped 11% to $144.7 million. Moody's now expects full-year revenue to rise in the low-double-digit percent range, versus its earlier forecast of growth in the high-single-digit percent range. It also projects full-year non-GAAP earnings of $3.90 to $4.00 per share. Raymond McDaniel, President and Chief Executive Officer of Moody's said, "Moody's achieved strong financial performance in the second quarter, with both Moody's Investors Service and Moody's Analytics delivering mid-teens percent revenue growth. Our results reflect healthy market conditions and good demand for a wide range of our products and services.” Moody's shares gained 1.64% to $94.00 in pre-market trading.
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Posted In: EarningsNewsGuidanceFinancialsprofitSpecialized Finance
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