Moody's Q2 Profit Up, Beats Estimates; Raises FY24 Outlook Range

(RTTNews) - Moody's Corp. (MCO) Tuesday announced a growth in the second quarter earnings and that beat analysts' estimates. The second quarter net income for the integrated risk assessment firm was $552 million, up from $377 million a year ago. On an adjusted basis, earnings were $600 million.

Earnings per share for the quarter climbed to $3.02 from $2.05 last year. On an adjusted basis, earnings were $3.28 per share. On average, 17 analysts polled by Thomson Reuters expected the company to earn $3.02 per share. Analysts estimates usually exclude special items.

Revenue for the quarter increased 22 percent to $1.817 billion from $1.494 billion a year ago. Moody's Investors Services had reported revenue of $1.015 billion compared to $747 million in the previous year. Moody's analytics contributed revenue of $802 million, up from $747 million last year. Wall Street analysts were looking for revenue of $1.72 billion.

Looking ahead to the full year 2024, the company raised the outlook to a range of $11.00 to $11.40 per share, from the previous projection of $10.40 to $11.00 per share. Analysts are looking for Earnings of $11.02 per share.

Revenue for the full year is expected to increase in low-teens percent range, while the earlier expectation was to increase in the high-single-digit to low double-digit percent range.