Business information provider IHS Inc. (IHS) Thursday reported higher first-quarter profit, as total revenues grew 12 percent, mainly driven by subscription-based revenues. Adjusted earnings and revenues topped analysts' expectations. The company also reaffirmed its outlook for fiscal 2013.
Jerre Stead, chairman and chief executive officer of the company said, "The first quarter was a solid start to 2013 and a continuation of our steady performance amid a challenging macroeconomic environment." The company said it expects to exit 2013 better positioned than ever to deliver sustainable, profitable long-term growth.
In the first quarter, the company's net income increased to $24.67 million or $0.37 per share from $23.48 million or $0.35 per share in the previous year.
Adjusted earnings, excluding items, for the first quarter ended February 28, 2013, were $0.86 per share, while it was $0.77 per share last year.
On average, 10 analysts polled by Thomson Reuters expected earnings per share of $0.85 for the quarter. Analysts' estimates typically exclude one-time items.
Total revenues for the quarter grew 12 percent to $382.53 million, which also came above analysts' estimate of $378.43 million. Subscription revenue climbed 13 percent and non-subscription revenue growth was 8 percent from last year.
Organic revenue growth was 5 percent, including 8 percent for subscription-based business.
Revenue for the Americas increased 11 percent, revenue for EMEA was up 10 percent, and APAC quarterly revenue climbed 21 percent from the preceding year.
For fiscal year ending November 30, 2013, IHS reaffirmed its forecast for adjusted earnings per share of $4.23 to $4.43, and all-in revenue of $1.64 billion to $1.71 billion, including an overall organic growth rate of 5 to 7 percent at the midpoint.
Analysts are looking for earnings of $4.36 per share, on revenues of $1.68 billion for the fiscal.
IHS closed Wednesday's regular trading at $109.29 on the NYSE.
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