Moody’s Corporation (NYSE:MCO) today announced results for the third quarter 2013.
SUMMARY OF RESULTS FOR THIRD QUARTER 2013
Moody’s reported revenue of $705.5 million for the three months ended September 30, 2013, up 2% from $688.5 million for the third quarter of 2012. Operating expenses for the third quarter of 2013 totaled $414.0 million, 1% lower than the prior-year period. Operating income for the quarter was $291.5 million, an 8% increase from $269.7 million for the same period last year. Adjusted operating income, defined as operating income before depreciation and amortization, was $314.9 million, a 7% increase from $293.8 million last year. Diluted earnings per share of $0.83 increased 2% from GAAP EPS of $0.81 in the third quarter of 2012 and increased 11% from non-GAAP EPS in the prior-year period of $0.75, which excludes a legacy tax benefit of $0.06 per share.
“Moody’s achieved year-on-year revenue, operating income and EPS growth in the third quarter, despite challenging comparisons to the prior year as well as volatile market conditions," said Raymond McDaniel, President and Chief Executive Officer of Moody’s. "These conditions were expected, and as we approach year-end, we have refined our 2013 EPS guidance range to $3.51 to $3.57.”THIRD QUARTER REVENUE For Moody’s Corporation overall, global revenue of $705.5 million for the third quarter of 2013 was up 2% from the third quarter of 2012. U.S. revenue of $391.0 million and non-U.S. revenue of $314.5 million for the third quarter of 2013 increased 3% and 1%, respectively, from the third quarter of 2012. Revenue generated outside the U.S. represented 45% of Moody’s total revenue for the quarter, consistent with the year-ago period. Global revenue for Moody’s Investors Service (“MIS”) for the third quarter of 2013 was $478.1 million, up 1% from the prior-year period. U.S. revenue of $290.1 million for the third quarter of 2013 was flat to the third quarter of 2012. Revenue generated outside the U.S. of $188.0 million increased 2% from the year-ago period. The impact of foreign currency translation on MIS revenue was negligible.