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Moody's Corporation Reports Results For Fourth Quarter And Full-Year 2012

Moody’s Corporation (NYSE: MCO) today announced results for the fourth quarter and full-year 2012.


Moody’s reported revenue of $754.2 million for the three months ended December 31, 2012, up 33% from $567.1 million for the fourth quarter of 2011. Operating expenses for the fourth quarter of 2012 totaled $494.0 million, 25% higher than in the prior-year period, and included a non-tax deductible goodwill impairment charge of $12.2 million. Operating income for the quarter was $260.2 million, a 51% increase from $172.1 million for the same period last year. Adjusted operating income for the quarter was $296.2 million, a 54% increase from $192.7 million last year. Diluted earnings per share of $0.70 for the fourth quarter of 2012 increased 63% from $0.43 in the fourth quarter of 2011.

"Moody's delivered strong financial performance throughout 2012, with double-digit revenue growth in most lines of business," said Raymond McDaniel, President and Chief Executive Officer of Moody’s. "Despite ongoing economic uncertainty, we anticipate generally favorable market conditions to remain in place in 2013. As a result, Moody’s expects revenue growth across all areas of the business, as well as earnings per share in the range of $3.45 to $3.55."

Moody’s Corporation revenue for full-year 2012 totaled $2,730.3 million, an increase of 20% from $2,280.7 million for 2011. Operating expenses for full-year 2012 totaled $1,652.9 million, 19% higher than a year ago. Operating income of $1,077.4 million increased 21% from $888.4 million in 2011. Adjusted operating income was $1,183.1 million for the year, 22% higher than 2011. The operating margin was 39.5% for full-year 2012, up 50 basis points from full-year 2011’s margin of 39.0 percent. Diluted earnings per share of $3.05 for full-year 2012 grew 22% from $2.49 in 2011 and included a legacy tax benefit of $0.06 in the third quarter of 2012. Excluding legacy tax benefits in both periods, diluted earnings per share of $2.99 for the full-year 2012 grew 22% from $2.46 in 2011.

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