Moody's Raises FY24 Earnings Outlook After Jump in 2Q Profit

By Don Nico Forbes

Moody's raised its earnings-per-share guidance for 2024 after reporting a rise in profit and revenue for the second quarter, boosted by its Investors Service unit.

The credit-ratings and research company said Tuesday that profit rose to $552 million, or $3.02 a share, compared with $377 million, or $2.05 a share, in the year-prior period.

Adjusted EPS came in at $3.28, above analyst views of $3.03, taken from FactSet and based on 18 analyst estimates.

Revenue rose 22% to $1.82 billion, compared with $1.49 billion. Analysts were expecting $1.73 billion, according to a FactSet consensus of 15 analysts.

Moody's Investors Service revenue rose 36% to $1.0 billion, while the Analytics division grew 7% to $802 million.

Looking forward, the company raised adjusted EPS guidance for 2024 to between $11.00 and $11.40, up from a range of $10.40 to $11.00.

Moody's added that it now expects to buyback roughly $1.3 billon in shares, up from previous expectations of $1.0 billion.

Write to Don Nico Forbes at don.forbes@wsj.com

(END) Dow Jones Newswires

July 23, 2024 07:48 ET (11:48 GMT)

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