Markit Q2 Profit Down, But Revenues Rise - Quick Facts

(RTTNews) - Markit Ltd. (MRKT) Wednesday reported lower profit for the second quarter, despite a 11 percent year-over-year growth in revenues. The decline in profit, reflected expenses of $31.3 million, associated with the company's initial public offering in the quarter.

Profit for the period decreased to $29.4 million or $0.16 per share from $53.4 million or $0.30 per share a year ago.

Excluding exceptional items, the company's earnings totaled $68.3 million or $0.37 per share. On average, 8 analysts polled by Thomson Reuters expected earnings per share of $0.33 for the quarter. Analysts' estimates typically exclude one-time items.

Quarterly revenues rose to $264.6 million from $238.3 million last year, primarily driven by growth in all the three segments: Information, Processing and Solutions. Analysts estimated revenues of $256.28 million.

Looking ahead, the company said it remains well positioned to achieve its long-term financial objectives of organic revenue growth of 5 percent to 7 percent, overall double digit revenue growth including acquisitions and adjusted EBITDA margin in the low to mid 40s.