S&P Global lifts annual profit forecast on demand for analytics products
Oct 24 (Reuters) -Financial information company S&P Global SPGI.N raised its annual profit forecast on Thursday and beat Wall Street estimates for third-quarter profit on strong demand for its data and analytics products.
WHY IT'S IMPORTANT
Expectations of further interest-rate cuts kept investors confident in the health of the U.S. economy and boosted demand for market-related analytical tools for better investment choices, helping firms such as S&P Global and Moody's MCO.N .
BY THE NUMBERS
S&P Global now expects its 2024 adjusted earnings per share between $15.10 and $15.30, compared with the prior view of $14.35 to $14.60.
The company reported an adjusted profit of $1.21 billion, or $3.89 per share, in the three months ended Sept. 30, up from $1.02 billion, or $3.21, a year earlier.
Analysts on average estimated an adjusted profit of $3.64 per share, according to data compiled by LSEG.
The market intelligence unit, S&P Global's biggest segment in terms of revenue that provides data and analytics, posted a 6% rise in its third-quarter revenue of $1.16 billion from a year ago.
Revenue from the company's ratings segment, which provides credit ratings, research and analytics to investors, rose 36% to $1.11 billion.
The company's mobility business, which focuses on vehicle, market and consumer data for original equipment manufacturers, reported a 9% risein quarterly revenue.
S&P Global's total third-quarter revenue increased 16% to $3.58 billion.
CONTEXT
The New York-based company provides credit ratings, benchmarks, analytics and workflow solutions in the global capital, commodity and automotive markets.
S&P Global Ratings had agreed to pay $20 millionin civil penalties to settle U.S. Securities and Exchange Commission charges for breaking record-keeping rules, Reuters reported in September.
Peer Moody's Corp on Tuesday also reported a rise in third-quarter profit on the back of strong product demand.
Reporting by Prakhar Srivastava in Bengaluru; Editing by Shreya Biswas
免责声明: XM Group仅提供在线交易平台的执行服务和访问权限，并允许个人查看和/或使用网站或网站所提供的内容，但无意进行任何更改或扩展，也不会更改或扩展其服务和访问权限。所有访问和使用权限，将受下列条款与条例约束：(i) 条款与条例；(ii) 风险提示；以及(iii) 完整免责声明。请注意，网站所提供的所有讯息，仅限一般资讯用途。此外，XM所有在线交易平台的内容并不构成，也不能被用于任何未经授权的金融市场交易邀约和/或邀请。金融市场交易对于您的投资资本含有重大风险。
所有在线交易平台所发布的资料，仅适用于教育/资讯类用途，不包含也不应被视为用于金融、投资税或交易相关咨询和建议，或是交易价格纪录，或是任何金融商品或非应邀途径的金融相关优惠的交易邀约或邀请。
本网站上由XM和第三方供应商所提供的所有内容，包括意见、新闻、研究、分析、价格、其他资讯和第三方网站链接，皆保持不变，并作为一般市场评论所提供，而非投资性建议。所有在线交易平台所发布的资料，仅适用于教育/资讯类用途，不包含也不应被视为适用于金融、投资税或交易相关咨询和建议，或是交易价格纪录，或是任何金融商品或非应邀途径的金融相关优惠的交易邀约或邀请。请确保您已阅读并完全理解，XM非独立投资研究提示和风险提示相关资讯，更多详情请点击 这里。
