Q1: good operating result, guidance reaffirmed
MCO delivered a good adjusted EPS, beating consensus by 12%, although this was flattered by a very low tax rate (~6pp contribution). Revenues held up surprisingly well in MIS, with strength seen in Corporate Finance and Structured Finance. MA revenues were a little below consensus but margin improvement of 210bp YoY resulted in the divisional adjusted operating profit ending up in line with consensus. Adj. FY18 EPS guidance was reaffirmed at $7.65-7.85 and consensus is currently at $7.75. So overall, this was a good result but arguably not as good as the headline EPS beat suggests.Moody's is a provider of credit ratings and assessment services; credit, capital markets and economic research, data and analytical tools; software solutions that support financial risk management activities; quantitatively derived credit scores; learning solutions and certification services; and company information and business intelligence products. The company's segments are: Moody's Investors Service, which publishes credit ratings on a range of debt obligations and the entities that issue such obligations in markets worldwide; and Moody's Analytics, which provides financial intelligence and analytical tools to assist businesses in making decisions.
Formed in 2003 by an established team from Cazenove, one of the most respected investment banks in the UK, Atlantic Equities conducts and publishes fundamental, bottom up research on mid and large cap US companies.
Atlantic provide order execution through a wide range of DMA products and algorithmic trading suites.
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