Moody's tops quarterly profit estimates on strong product demand
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MOODY’S on Thursday (May 2) beat Wall Street estimates for first-quarter profit, helped by demand for its research and analytics products.
The New York-based company recorded robust sales of its products including CreditView.
With growing expectations of the US avoiding a recession, investors are increasingly spending more on analytics and data-related products to enable better investment decisions. This trend bodes well for Moody’s and its peers.
Moody’s Investors Service revenue grew 35 per cent, fuelled by improved market conditions and opportunistic activity which drove strong issuance across multiple asset classes, said CFO Noemie Heuland.
Revenue from the company’s analytics unit, which provides financial intelligence and analytical tools, rose about 8.4 per cent to US$802 million, from a year earlier. That helped total revenue to rise 21.5 per cent to US$1.79 billion.
The company reported adjusted profit of US$3.37 per share for the three months ended Mar 31, compared with analysts’ average estimate of US$3.04, according to LSEG data.
Shares of the company were down 1 per cent in the premarket trading in thin volumes. REUTERS
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