Moody's Reaffirms FY18 Adj. EPS Outlook; Q2 Results Top View - Quick Facts

(RTTNews) - Moody's Corp. (MCO) on Friday reaffirmed its earnings guidance for the full-year 2018 in the range of $7.20 to $7.40 per share and adjusted earnings in the range of $7.65 to $7.85 per share.

However, the company now projects revenues for fiscal 2018 to increase in the high-single-digit percent range, down from the prior growth forecast in the low-double-digit percent range. On average, analysts polled by Thomson Reuters expect the company to report earnings of $7.78 per share on revenue growth of 11.4 percent to $4.68 billion for the year. Analysts' estimates typically exclude special items.

For the second quarter, the company reported net income of $376.2 million or $1.94 per share, up from $312.2 million or $1.61 per share in the prior-year quarter.

Adjusted net income for the quarter was $397.3 million or $2.04 per share, compared to $299.7 million or $1.55 per share in the year-ago quarter.

Revenue for the quarter grew 17 percent to $1.18 billion from $1.0 billion in the same quarter last year, including eight percentage points growth attributable to Bureau van Dijk. Foreign currency translation favorably impacted Moody's revenue by 1 percent. U.S. revenue was up 10 percent to $625.4 million, and non-U.S. revenue was up 27 percent to $549.7 million from last year.

Analysts expected quarterly earnings of $1.89 per share on revenues of $1.15 billion.