NEW YORK - Moody's Corporation (NYSE:MCO) reported third-quarter earnings that surpassed analyst expectations and raised its full-year guidance, sending shares up 0.98% in early trading.
The credit ratings and financial services company posted adjusted earnings per share of $3.21 for the quarter, beating the analyst consensus of $2.87 by $0.34. Revenue came in at $1.81 billion, topping estimates of $1.71 billion and marking a record-breaking performance for the company.
Moody's also raised its full-year 2024 earnings guidance to a range of $11.90 to $12.10 per share, above the previous analyst consensus of $11.69. The midpoint of the new guidance at $12.00 represents a 2.7% increase from the consensus estimate.
"Moody's record-breaking revenue performance in the third quarter is a testament to our unwavering status as the Agency of Choice for our customers and our actions to prime the business for durable future growth," said Rob Fauber, President and Chief Executive Officer of Moody's.
Fauber highlighted strong recurring revenue growth in the company's analytics business, attributing it to investments and innovation that enhance offerings and empower customers with insights to navigate an increasingly dynamic risk environment.
The company's solid results and optimistic outlook reflect its ability to capitalize on growing demand for financial risk assessment and data analytics services in an uncertain economic climate. Moody's serves a diverse global customer base across more than 40 countries, providing comprehensive risk perspectives to help clients make informed decisions.
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