Q1 snap: good result in more testing conditions
SPGI delivered a good result in a more difficult quarter with a 2% beat at the adjusted EPS line, which was up 24% YoY. Revenues of $1.57bn were 2% above consensus driven by strength in Indices Services (12% ahead of consensus) while the other divisions were more or less in line. Adjusted operating income was $735m, 1% above consensus, driven by margin expansion in Indices but offset by weakness at Platts. FY18 EPS guidance was reaffirmed at $8.45-8.60 with consensus currently at $8.50.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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