- Moody’s Corp (NYSE: MCO) reported a first-quarter FY23 revenue decline of 3% year-on-year to $1.47 billion, beating the consensus of $1.41 billion.
- Revenue for MIS was $733 million, down 11% Y/Y as ongoing uncertainty around inflation, interest rates, and recessionary concerns broadly impacted credit markets. Foreign currency translation unfavorably impacted MIS revenue by 1%.
- Moody’s Analytics revenue grew 6% Y/Y to $737 million on strong demand for Know Your Customer and Insurance solutions and rating data feeds.
- Corporate finance revenue was $356 million, down 15% Y/Y, mainly due to the decline in leveraged finance issuance.
- The adjusted operating margin contracted 360 bps to 44.6%.
- Adjusted EPS of $2.99 beat the consensus of $2.20.
- Moody’s held $2.2 billion in cash and equivalents and generated $535 million in free cash flow.
- Dividend: On April 24, the board declared a regular quarterly dividend of $0.77 per share.
- FY23 Outlook: Moody’s expects growth in the mid-to-high-single-digit percent range for FY23.
- Moody’s raises FY23 adjusted EPS outlook to $9.50 – $10.00, up from the prior $9.00 – $9.50 above the consensus of $9.27.
- Price Action: MCO shares traded higher by 2.34% at $309.78 on the last check Tuesday.
PublicSquare Announces Partnership With Credova, A Leading Buy Now Pay Later Solution
Partnership Implements Credova Technology into PublicSquare Marketplace and Expands Second Amendment Access for ConsumersFirst Step in Building the Uncancellable Payment Ecosystem for the Parallel EconomyPSQ Holdings,
