Moody's Cuts 2022 Adjusted Earnings, Revenue Outlooks
May 02 2022 - 8:51AM
Dow Jones News
By Dean Seal
Moody's Corp. lowered its full-year adjusted earnings and
revenue guidance, saying it expects market volatility that already
took a toll on its first-quarter profit to continue.
The credit rating, research and risk analysis firm now expects
adjusted earnings for the year to be between $10.75 and $11.25 a
share, compared with its previous guidance of $12.40 to $12.90 a
share. The company also expects revenue to remain flat, rather than
increase by a percentage in the high single digits, as it had
previously forecasted.
The updated outlook for 2022 reflects its concern about ongoing
market volatility roused by the war in Ukraine.
The company revised its guidance after reporting that its
first-quarter profit fell by nearly a third from the year prior as
revenue for its Investors Services business segment dropped 20% and
its operating expenses grew by 16%.
Adjusted earnings were down 29% a share from the prior year,
though they missed the forecast of analysts polled by FactSet by
only 1 cent. Total revenue for the quarter dipped 5%, in line with
analyst expectations.
Write to Dean Seal at dean.seal@wsj.com
(END) Dow Jones Newswires
May 02, 2022 08:36 ET (12:36 GMT)
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