By Rob Curran


S&P Global boosted its revenue and adjusted earnings target for 2024 as an increase in credit-market activity boosted its fortunes and first-quarter earnings soared beyond expectations.

The New York credit-ratings and research firm logged earnings of $991 million, or $3.16 a share, up from $795 million, or $2.47 a share, a year earlier.

Excluding certain one-off items, S&P Global posted earnings of $4.01 a share, handily beating analysts' average target of $3.65 a share, as per FactSet.

Revenue rose 10% to $3.49 billion, exceeding the mean Wall Street estimate of $3.41 billion, as tallied by FactSet. Credit-ratings revenue, which had suffered during the long run-up in interest rates, surged 29% to $1.06 billion.

For 2024 the company ratcheted up its earnings projection to a range between $10.80 and $11.05 a share from a previous estimate range of between $10.65 and $10.90 a share. S&P Global raised its adjusted earnings target to a range between $13.85 and $14.10 a share from a prior estimated range between $13.75 and $14 a share.

S&P Global boosted revenue growth estimate to 6% and 8% from a previous estimate of 5.5% to 7.5% growth. For 2023, S&P Global booked revenue of $12.5 billion.


Write to Rob Curran at rob.curran@wsj.com


(END) Dow Jones Newswires

04-25-24 0811ET