Moody's Posts Q1 Profits, Revises Outlook Due to Uncertainty
Moody's (NYSE: MCO) easily surpassed earnings estimates in the first quarter, generating double-digit percentage gains in profits, but lowered its guidance for 2020.
The credit ratings, research, and analytics firm saw revenue increase 13% to $1.3 billion compared to the first quarter of 2019. Net income was up 30.8% year over year to $488 million, while diluted earnings per share (EPS) climbed 32.6% to $2.57. EPS beat consensus estimates by about 18%.
Moody's Investor Services -- the credit rating business -- accounted for $794 million in revenue in the quarter, an increase of 18% over the first quarter of 2019. Moody's Analytics saw revenue rise 5% to $496 million. Expenses were $698 million, up from $680 million a year ago.
Source Fool.com
