Moody’s: 3Q Earnings Snapshot
NEW YORK (AP) _ Moody’s Corp. (MCO) on Wednesday reported third-quarter net income of $379.4 million.
On a per-share basis, the New York-based company said it had profit of $1.99. Earnings, adjusted for amortization costs, were $2.15 per share.
The results surpassed Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was for earnings of $1.99 per share.
The credit ratings agency posted revenue of $1.24 billion in the period, also topping Street forecasts. Four analysts surveyed by Zacks expected $1.18 billion.
Moody’s expects full-year earnings in the range of $8.05 to $8.20 per share.
Moody’s shares have climbed 57% since the beginning of the year, while the Standard & Poor’s 500 index has risen 21%. The stock has risen 56% in the last 12 months.