Published on 2 May 2024 on Zacks via Yahoo Finance

Moody's (MCO) Beats on Q1 Earnings as Bond Issuances Rise

Moody's MCO reported first-quarter 2024 adjusted earnings of $3.37 per share, which outpaced the Zacks Consensus Estimate of $3.06. The bottom line also grew 13% from the year-ago quarter figure.Improvement in global bond issuance volumes and steady demand for analytics supported Moody’s results. The company’s liquidity position was robust during the quarter. However, an increase in operating expenses posed a headwind.After taking into consideration certain non-recurring items, net income attributable to Moody's was $577 million or $3.15 per share, up from $501 million or $2.72 per share in the prior-year quarter.

Revenues Up, Costs Rise

Quarterly revenues were $1.79 billion, which beat the Zacks Consensus Estimate of $1.73 billion. Also, the top line jumped 21% year over year.Total expenses were $982 million, up 8% year over year.Adjusted operating income of $906 million was up 38%. Adjusted operating margin was 44.8%, rising from 37.7% a year ago.