Moody's 3Q Net Up Sharply on Strong Rating, Research Demand
25 Outubro 2023 - 8:56AM
Dow Jones News
By Rob Curran
Moody's Corp. posted a 28% increase in third-quarter net income
amid strong demand for its bond-rating and financial research
products.
The New York credit-ratings and research firm said earnings rose
to $389 million, or $2.11 a share, for the quarter ended Sept. 30,
up from $303 million, or $1.65 a share, a year earlier. Excluding
certain items, Moody's logged third-quarter adjusted earnings of
$2.43, well above the average analyst estimate of $2.30 a share, as
tallied by FactSet.
Third-quarter revenue rose 15% to $1.47 billion, exceeding the
average analyst target of $1.46 billion, as tabulated by FactSet.
Growth was broad-based. Revenue at its Moody's Analytics research
unit rose 13% to $776 million during the three-month period.
Revenue at the Moody's Investors Service credit-ratings unit rose
18% to $696 million, as the firm experienced the strongest demand
for bank-loan ratings since early 2022.
Corporate bond issuance began to slow in 2022 in anticipation of
rising interest rates, which has made debt more expensive to
carry.
Moody's reiterated its projection for 2023 adjusted earnings and
revenue growth. The credit-ratings firm continues to expect
adjusted earnings per share between $9.75 and $10.25 on revenue
growth in the high-single-digit percent range.
Write to Rob Curran at rob.curran@wsj.com
(END) Dow Jones Newswires
October 25, 2023 07:41 ET (11:41 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.
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