Moody's 2Q Profit, Revenue Fall as Issuance Market Slows
July 26 2022 - 7:59AM
Dow Jones News
By Will Feuer
Moody's Corp. said its profit and revenue for the second quarter
fell as the issuance market cooled amid stock-market
volatility.
The credit rating, research and risk analysis company posted net
income of $327 million, down from $577 million in the same period a
year ago. Earnings were $1.77 a share, compared with $3.07 a share
a year earlier.
Stripping out one-time items like acquisition-related expenses,
adjusted earnings were $2.22 a share. Analysts polled by FactSet
were looking for $2.32 a share.
Revenue fell to $1.38 billion from $1.55 billion a year earlier.
Analysts surveyed by FactSet were expecting revenue of $1.42
billion The company attributed the lower revenue to volatile
capital markets driving a drop in issuance and refinancing
activity.
Moody's Investors Services segment saw revenue of $706 million,
a 28% drop. Moody's Analytics revenue rose 18% to $675 million for
the quarter.
Write to Will Feuer at Will.Feuer@wsj.com
(END) Dow Jones Newswires
July 26, 2022 07:44 ET (11:44 GMT)
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