|Delayed - 06/17 04:10:00 pm|
Moody : Beats 3Q Expectations as More Companies Raise Debt
|10/29/2020 | 06:38am|
By Robert Barba
Moody's Corp. said its revenue and earnings grew in the latest quarter as a boom in debt issuances resulted in a higher demand for its services.
The rating agency reported third-quarter net income of $467 million, or $2.47 a share, compared with $380 million, or $1.99 a share, a year earlier.
Adjusted earnings were $2.69 a share. Analysts polled by FactSet expected adjusted earnings of $2.09 a share.
Revenue was $1.36 billion, up from $1.24 billion a year earlier. Analysts expected sales of $1.22 billion.
Revenue from its investors services business rose 11%, while revenue from its analytics business rose 7%.
"Moody's Investors Service benefitted from a third consecutive record issuance quarter as fixed-rate issuers took advantage of historically low borrowing costs to refinance existing debt and strengthen liquidity positions," said Raymond McDaniel, president and chief executive, in prepared remarks.
Write to Robert Barba at firstname.lastname@example.org
(END) Dow Jones Newswires