Moody's 1Q Revenue Falls on Sluggish Credit Markets
April 25 2023 - 07:48AM
Dow Jones News
By Will Feuer
Moody's Corp. posted lower revenue for the first quarter as
economic concerns continued to weigh on the credit markets.
The New York credit-ratings and research firm said its
first-quarter earnings rose to $501 million, or $2.72 a share, from
$498 million, or $2.68 a share, a year earlier.
Excluding certain items, adjusted earnings were $2.99 a share.
Analysts surveyed by FactSet were expecting adjusted earnings of
$2.22 a share.
Revenue slipped 3% to $1.47 billion, as concerns around
inflation, rising interest rates and economic growth weighed on the
credit markets. Revenue at the Moody's Analytics research unit rose
6% to $737 million.
Analysts surveyed by FactSet were expecting total revenue for
the quarter of $1.43 billion.
Write to Will Feuer at Will.Feuer@wsj.com
(END) Dow Jones Newswires
April 25, 2023 07:33 ET (11:33 GMT)
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