Markit Beats Q2 Estimates

Markit Ltd (NASDAQ: MRKT) reported better-than-expected results for the second quarter on Wednesday. The London-based company reported quarterly profit of $44.5 million, or $0.23 per share, compared to $29.4 million, or $0.16 per share, in the year-ago period. Excluding items, the company's earnings slipped to $0.36 per share from $0.37 per share.Its revenue gained 3.2 percent year-over-year to $273.1 million from $264.6 million. However, analysts were expecting earnings of $0.35 per share on revenue of $269.94 million.The average estimate among 5 Estimize users was for earnings of $0.35 per share and revenue of $271.55 million.Revenue in Information segment gained 0.9 percent to $123.3 million, while revenue in Processing segment dropped 6.4 percent to $67.5 million. Revenue in Solutions segment climbed 17.1 percent to $82.3 million in the quarter.Adjusted EBITDA rose 0.8 percent year-over-year to $120.9 million for the three months ended June 30, 2015.Operating expenses rose 2.7 percent to $148.5 million from $144.6 million."We continued to perform well in the second quarter, producing solid financial results. I am especially pleased with the performance of our Processing division, which exceeded expectations this quarter," said Lance Uggla, chairman and chief executive officer of Markit.Markit also reported that it has agreed to acquire financial services firm CoreOne Technologies for a total consideration of $200 million.Markit shares fell 2.03 percent to close at $27.05 yesterday.