(Reuters) - Moody's (NYSE:MCO) Corp on Tuesday missed estimates for fourth-quarter profit, as the performance of its credit ratings and assessment unit fell short of expectations.
The New York-based rating agency also named Noémie Heuland as its new chief financial officer, succeeding Caroline Sullivan who took the role as interim CFO in August last year. Heuland will join the company on April 1, 2024.
The company's credit ratings segment posted revenue of $684 million, compared with analysts' average estimate of $699 million, according to LSEG.
However, an easing macroeconomic environment and a market rally prompted investors to spend more on analytics and data insights products.
Revenue from the company's analytics unit, which provides financial intelligence and analytical tools, rose 11.5% to $796 million, compared with a year earlier.
Total revenue rose nearly 15% to $1.48 billion from last year.
Its adjusted profit for the quarter came in at $2.19 per share, missing analysts' average estimate of $2.32 per share.
The company forecast per share adjusted profit between $10.25 and $11.00 for the full year 2024.
Moody's rates around $70 trillion of debt, split among its four major rating groups: financial institutions, corporate finance, structured finance and global public, and project and infrastructure finance.