Fri, Oct. 21, 7:53 AM
- Q3 non-GAAP EPS of $1.34 up 21% Y/Y. Full-year non-GAAP EPS guidance is lifted to $4.76-$4.86 from $4.62-$4.72.
- Moody's Investors Service revenue of $612.3M up 12% Y/Y. Global corporate finance revenue of $299.6M up 21%. Global Structured Finance revenue of $104.2M down 7%. Global financial institutions revenue of $95.8M up 7%. Global public, project and infrastructure revenue of $105.2M up 16%.
- Moody's Analytics revenue of $304.8M up 6%.
- Expenses of $519.6M up 7% Y/Y. Operating income of $397.5M up 14%. Adjusted operating margin of 47.8% improves from 45.3%.
- CC at 11:30 ET
- Previously: Moody's beats by $0.16, beats on revenue (Oct. 21)
- MCO -0.55% premarket
Fri, Oct. 21, 7:02 AM
Thu, Oct. 20, 5:30 PM
Tue, Oct. 18, 5:10 PM
Wed, Sep. 28, 7:17 AM
- "Increased issuance activity combined with a greater impact from our cost savings initiatives has resulted in a modestly improved outlook,” says Moody's (NYSE:MCO) CEO Raymond McDaniel, expecting full-year 2016 non-GAAP EPS of $4.55-$4.65 vs. consensus of $4.58.
- The company is hosting its investor day today, beginning at 8:30 ET. A full presentation will be on the company website at that time.
Mon, Aug. 29, 2:12 PM
- The big-three corporate credit rating agencies - S&P Global (SPGI +0.8%), Moody's (MCO +1%), and Fitch - are about to face some competition after the SEC grants Morningstar (MORN +0.3%) the ability to offer credit ratings on companies and banks as a nationally recognized statistical rating organization (NRSRO).
- Best known for its one-to-five star ratings on mutual funds, Morningstar has been busy in credit ratings, but mostly on structured finance (think CMBS).
- This new approval would allow the company to move into corporate debt, and the company has plans to hire a number of new analysts for the job.
- Source: Eric Platt in the FT
Fri, Jul. 22, 7:01 AM
Thu, Jul. 21, 5:30 PM
Tue, Jul. 12, 4:19 PM
Fri, Apr. 29, 9:47 AM
- "Reduced global bond issuance in the first quarter weighed on Moody’s (MCO -5.7%) financial performance despite strong results at Moody’s Analytics," says CEO Raymond McDaniel.
- Adjusted operating income of $334M fell 16% from a year ago, with operating margin of 37.3% down 360 basis points. EPS of $0.93 also fell 16%. Revenue of $816.1M fell 6% (though Moody's Analytics revenue grew 11%).
- Full-year EPS is now expected at $4.55-$4.65 vs. the previous $4.75-$4.85 and consensus of $4.75. Free cash flow of $1B is expected, which should all be put to buybacks. Base business spending is now expected to be $50M less.
- Conference call at 11:30 ET
- Previously: Moody's misses by $0.13, misses on revenue (April 29)
Fri, Apr. 29, 7:02 AM
- Moody's (NYSE:MCO): Q1 EPS of $0.93 misses by $0.13.
- Revenue of $816.1M (-5.7% Y/Y) misses by $36.01M.
Thu, Apr. 28, 5:30 PM| Thu, Apr. 28, 5:30 PM | 3 Comments
Mon, Apr. 18, 6:53 PM
- Moody's (NYSE:MCO) has emerged as a new problem for energy companies, as the bond rater has deprived 19 energy companies of their investment-grade ratings this year, and has dropped some by several notches into the deeper reaches of junk territory, WSJ reports.
- At the same time, Standard & Poor’s rates only four of the 19 companies that lost an investment-grade rating at Moody’s as below investment grade, while Fitch rates just two below investment grade.
- So far, the market has largely shaken off the Moody’s reassessment of the oil sector; for example, Anadarko Petroleum (NYSE:APC) was cut by Moody's to junk status but still managed to raise large sums in the bond market last month at favorable terms vs. what it would have needed to pay a month earlier.
- Nevertheless, companies that Moody’s has dropped to junk are in a vulnerable position because they need investment-grade ratings from two of the three ratings firms to remain in the Barclays investment-grade corporate bond index and thus retain access to a large pool of investors that are not allowed to invest in bonds outside of the index.
- Among other oil companies Moody's has downgraded this year: ECA, ENLK, ESV, CVE, MUR
Wed, Apr. 13, 7:11 AM
- Moody's (NYSE:MCO) declares $0.37/share quarterly dividend, in line with previous.
- Forward yield 1.55%
- Payable June 10; for shareholders of record May 20; ex-div May 18.
Thu, Mar. 10, 5:20 AM
- Moody's (NYSE:MCO) is withdrawing from the Russian domestic market as global rating agencies get caught in a dilemma between new Russian laws and Western sanctions.
- New "legislative changes and other potential restrictions" require companies to issue local ratings only through a subsidiary in the country that agrees to certain conditions, including a guarantee not to withdraw ratings even if asked to by a foreign government.
- Standard & Poor's and Fitch are also considering their options.
Fri, Feb. 5, 8:18 AM
- Adjusted operating income of $361.8M or $1.09 per share down 3% from one year ago.
- Operating expenses of $532.8M flat Y/Y. Adjusted operating margin of 41.8% vs 42.4% a year ago.
- Moody's Investors Service global revenue of $544.6M down 4% Y/Y, but flat on a constant currency basis.
- Moody's Analytics revenue of $321.3M up 3% Y/Y, up 6% constant currency.
- 2M shares bought back during Q4 at an average price of $100.09 each, 300K shares issued for stock-based compensation. Full-year buybacks of 10.9M shares at average price of $101.14 each; 3.2M shares issued for stock-based comp.
- Full-year 2016 EPS is expected at $4.75-$4.85 (vs. $4.60 for 2015), with adjusted operating margin of about 45%.
- Conference call at 11:30 ET
- Previously: Moody's beats by $0.04, beats on revenue (Feb. 5)
- MCO flat premarket at $87.11