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TheStreet Open House

Moody's Corporation Reports Results For Third Quarter 2012

Stocks in this article: MCO

Within MIS, global corporate finance revenue of $220.7 million in the third quarter of 2012 increased 71% from the prior-year period, reflecting broad strength in both investment-grade and speculative-grade markets. Corporate finance revenue increased 81% in the U.S. and 53% outside the U.S.

Global structured finance revenue totaled $93.1 million for the third quarter of 2012, an increase of 14% from a year earlier. U.S. structured finance revenue grew 27% from the year-ago period, primarily due to strength in ratings of commercial mortgage-backed securities and collateralized loan obligations, while non-U.S. structured finance revenue was essentially flat to the prior-year period.

Global financial institutions revenue of $82.7 million in the third quarter of 2012 increased 15% compared to the prior-year period. U.S. financial institutions revenue was up 22%, primarily reflecting increased insurance company issuance for refinancing and M&A activity, while non-U.S. revenue grew 10% driven by stronger banking activity in Asia and Latin America.

Global public, project and infrastructure finance revenue was $77.0 million for the third quarter of 2012, an increase of 13% from the third quarter of 2011. U.S. revenue was up 11% from the prior-year period, primarily due to gains in public and infrastructure finance, while non-U.S. revenue increased 16%, reflecting growth in infrastructure finance in Europe.

Global revenue for Moody’s Analytics (MA) for the third quarter of 2012 was $215.0 million, up 20% from the third quarter of 2011. Excluding the impact of foreign currency translation, revenue growth was 21 percent. Revenue from research, data and analytics of $123.8 million increased by 7% from the prior-year period, driven primarily by our CreditView offering and new sales of other data and analytic products. Enterprise risk solutions revenue of $64.0 million was up 26% over the prior-year period, reflecting both the acquisition of Barrie & Hibbert in December 2011 and strong growth in products and services that support regulatory and compliance. Revenue from professional services of $27.2 million was up 97% from the prior-year period, reflecting the acquisition of a majority stake in Copal Partners in November 2011.

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