Atlas Investment Partners LLC
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)
Nov. 17, 2015, 12:28 PM
- "We see a much rosier picture than we believe the market is currently pricing in after a sell-off that we believe was overstated," says analyst Alex Kramm, upgrading Moody's (MCO +4.1%) to Buy from Neutral. His $116 price target is nearly 20% above last night's close.
- Kramm expects the company to post high single-digit growth in its ratings business, with bond issues to rise alongside improving confidence in the economy.
Mar. 17, 2015, 9:44 AM
Feb. 6, 2015, 9:39 AM
- Q4 adjusted operating income of $371.7M up 11% from a year ago. GAAP EPS of $1.12 up 32% from non-GAAP EPS a year ago (which excludes a legacy tax benefit).
- Adjusted operating margin of 46% up 130 basis points from a year ago.
- Moody's Investor Service revenue of $565.1M up 7% Y/Y.
- Moody's Analytics revenue of $312.4M up 23%.
- 4.6M shares repurchased in Q4, 13.8M for the full-year at an average cost of $88.41 each. Another $1B was authorized in Q4.
- Full-year 2015 outlook: Revenue and operating expenses should each grow in the mid-single digit range, with adjusted operating margin expected at about 46%. EPS should be $4.55-$4.65 (was $4.61 in 2014).
- Previously: Moody's beats by $0.17, beats on revenue (Feb. 6)
- MCO +4.6%
Jan. 9, 2015, 5:35 PM
Oct. 25, 2013, 12:53 PM
- Moody's (MCO -3.5%) takes a breather from a big run after Q3 results showed revenue of $705.5M up 2% Y/Y and adjusted operating income of $314.9M up 7%. Adjusted diluted EPS of $0.75 is up 11%.
- One sore spot is global structured finance revenue of $83.5M falling 10% amid "volatile market conditions."
- 6.2M shares were repurchased during quarter at about $64.06 each. 900K shares were issued under employee stock-based compensation plans. $900K remains in company's buyback authorization.
- FY13 EPS guidance is narrowed to $3.51-$3.57.
- Q3 results.
- Earnings call slide presentation.
Aug. 14, 2013, 5:34 PM
Apr. 29, 2013, 5:38 PM
Apr. 29, 2013, 9:15 AM
Feb. 12, 2013, 6:02 PM
Moody's (MCO) says it's authorized a new $1B share repurchase program. It expects to start buybacks under the new program once its existing program is complete. The company had $677M of share repurchase authority remaining as of the end of 2012. Shares +0.9% AH.| Feb. 12, 2013, 6:02 PM
Feb. 8, 2013, 7:59 AM
Feb. 5, 2013, 11:52 AM
Joining the DOJ in filing sut aginst S&P (MHP -5.6%) are a number of states, including California, where AG Harris is suing under the state's False Claims Act. This would allow CA to collect triple damages on what it says were $1B in losses. Earlier joining McGraw Hill in tanking, Moody's (MCO) - maybe enjoying the political protection of having The Oracle as an investor - returns to near-unchanged.| Feb. 5, 2013, 11:52 AM | 12 Comments
Feb. 5, 2013, 11:07 AMMore on the McGraw Hill (MHP -4.9%) suit: The company's market cap has fallen about $3B over the past two days, writes Scott Krisiloff. Even admitting S&P was complicit in MBS blowups, it certainly wasn't the direct cause. It's therefore difficult to conceive of a settlement anywhere near this high of an amount. For comparison, BP settled with the DOJ for $4B. | Feb. 5, 2013, 11:07 AM | 2 Comments
Feb. 5, 2013, 10:32 AM
McGraw-Hill (MHP -5.8%) slides anew as the DOJ files its suit alleging S&P knowingly gave unwarranted AAA ratings to MBS in order to get more business from issuers. Just maybe there's a problem with the industry-issuer model? What was that Pacino movie ... "The whole system is out of order!" Moody's (MCO) -1.7%.| Feb. 5, 2013, 10:32 AM | 1 Comment
Feb. 4, 2013, 3:46 PM
More on McGraw-Hill (MHP -14.5%): The expected suit follows the breakdown in talks between S&P and the DOJ over the rating agency's AAA ratings on 30 CDOs in early 2007. The DOJ had reportedly sought "10 figures plus" and an admission of guilt. S&P: "(We) deeply regret that our CDO ratings failed to fully anticipate the rapidly deteriorating condition in the U.S. mortgage market ... a DOJ lawsuit would be entirely without factual or legal merit." Moody's (MCO -8%).| Feb. 4, 2013, 3:46 PM | 20 Comments
Sep. 17, 2012, 2:20 PM