Q2 snap: MIS drives a healthy beat
MCO delivered another very good result with adjusted EPS beating consensus by 9% . Revenues held up surprisingly well in MIS, with upside surprise from Structured Finance and Financial Institutions. The adj. operating margin improvement in MIS was particularly impressive (+460bp YoY to 63.7%) which demonstrated very good operating leverage. MA revenues were a little below consensus but margin improvement of 130 bp YoY resulted in the divisional adjusted operating profit ending up 9% above consensus. Adj. FY18 EPS guidance was reaffirmed at $7.65-7.85 and consensus is currently at $7.72. So overall, this was a good result driven by good revenue growth and margin expansion in MIS.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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