Q4 snap: 2018 guidance 4-6% above consensus
SPGI delivered another excellent quarter with a 15% beat at the adjusted EPS line. Revenues of $1.59bn were 6% above consensus driven by strength in Ratings Services (21% ahead of consensus) while the other divisions were only slightly above consensus. Adjusted operating income was $752m, 11% above consensus driven by 520bp of margin expansion to 47.3%. Margin expansion was particularly strong in Ratings (+810bp YoY) thanks to 29% growth in transaction revenue. FY18 EPS guidance was set at $8.45-8.60, 4-6% above consensus of $8.12, with the effective tax rate guided to a surprisingly low 21.0-22.5%.S&P Global is a provider of transparent and independent ratings, benchmarks, analytics and data to the capital and commodity markets worldwide. The company's segments include: S&P Global Ratings, which provides credit ratings, research and analytics; S&P Global Market Intelligence, which provides multi-asset-class data, research and analytical capabilities that integrate cross-asset analytics and desktop services; S&P Global Platts, which provides information and benchmark prices for the commodity and energy markets; and S&P Dow Jones Indices, which provides a variety of valuation and index benchmarks for investment advisors, wealth managers and institutional investors.
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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