Moody's Raises Share Repurchase Guidance To $1.3B After Q2 Earnings - Details

Moody’s Corporation MCO shares are trading lower after reporting second-quarter results.

The company reported quarterly adjusted earnings per share of $3.28, beating the street view of $3.02. Quarterly sales of $1.817 billion, beating the street view of $1.725 billion.

“The 22% growth in revenue is driving a 21% increase in operating cash flow, enabling us to raise share repurchase guidance to $1.3 billion,” said Chief Financial Officer Noémie Heuland.

Moody’s Analytics revenue grew 7% from the prior-year period reflecting strong demand for Moody’s proprietary data and unique analytical insights. Moody’s Investors Service (MIS) achieved 36% revenue growth from the prior-year period.

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The company’s adjusted operating margin was 49.6%, up 590 basis points from the prior-year period.

On July 22, 2024, the Board of Directors declared a regular quarterly dividend of $0.85 per share of MCO Common Stock.

The dividend will be payable on September 6 to stockholders of record at the close of business on August 16.

Outlook: Moody’s Corp raised its FY24 adjusted EPS outlook to $11.00-$11.40 (prior $10.40-$11.00) versus the $11.02 estimate.

The company projects revenues to increase in the low-teens percent range (prior: high-single-digit to low-double-digit percent range) versus $6.63 billion estimate.

Price Action: MCO shares are trading higher by 0.65% to $453.27 at last check Tuesday.

Photo via Shutterstock

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