Moody’s Profit in Second Quarter Exceeds Analysts’ Estimatesby
Moody’s Corp. reported second-quarter profit that beat analysts’ estimates, citing strong performance from its data and analytics business.
Net income attributable to Moody’s Corp. fell to $255.5 million from $261.7 million in the second-quarter from a year earlier, the New York-based company said in a statement Friday. Profit excluding certain items was $1.30 a share, above the $1.25 average estimate of 13 analysts in a Bloomberg survey. Revenue increased 1 percent to $928.9 million from $918 million a year ago.
Revenue at Moody’s Investors Service, the credit-ratings unit that accounts for about about two-thirds of sales, was down 2 percent to $625.6 million from $639.2 million, hurt by an 8 percent decline in revenue from its global structured finance ratings business.
Moody’s reaffirmed its full-year earnings guidance of $4.55 to $4.65 a share for 2016, expecting it to be toward the lower end of the range.
(Moody’s will hold a conference call for analysts and investors at 11:30 a.m. New York time. To listen, access the company’s website at http://ir.moodys.com)