Moody's Trims FY22 Earnings View Below Market Estimates - Update

(RTTNews) - While reporting weak second-quarter profit and revenues on Tuesday, integrated risk assessment firm Moody's Corp. (MCO) lowered its forecast for fiscal 2022 earnings again.

In pre-market activity on the NYSE, Moody's shares were losing around 5.4 percent to trade at $275.

The company now expects full-year 2022 adjusted earnings per share to range between $9.20 and $9.70. The company previously expected full-year adjusted earnings of $10.75-$11.25 per share.

On average, 19 analysts polled by Thomson Reuters expect earnings of $10.20 per share for the year. Analysts' estimates typically exclude special items.

In early May, the company had trimmed its full-year outlook while reporting weak first-quarter results.

Rob Fauber, President and Chief Executive Officer, said, "While the fundamental drivers underpinning debt issuance remain firmly intact, global economic uncertainty significantly curtailed market activity. Given year-to-date performance and our expectation for continued cyclical market disruption, we have lowered our full year 2022 adjusted diluted EPS guidance ..."