Business information provider IHS Inc. (his), Wednesday lifted its revenue outlook for fiscal year 2013, even as it kept adjusted earnings expectations unchanged.
The company said the updated outlook reflects its recent acquisition of Canada-based Fekete Associates, a provider of integrated reservoir management software and services to the oil and gas industry. The guidance also takes into account the planned divestiture of a non-core under-performing asset.
IHS provides critical information, insights, and analytics. It also provides solutions in customer workflows, including strategy, planning, among others.
For the year ending November 2013, the Englewood, Colorado-based company now expects all-in revenues of $1.66 billion to $1.73 billion, up from prior guidance of $1.64 billion to $1.71 billion. The outlook reflects an overall organic growth rate of 5 to 7 percent at the midpoint. IHS continues to expect adjusted earnings of $4.23 to $4.43 per share.
Analysts polled by Thomson Reuters currently expect revenues of $1.68 billion and earnings of $4.35 per share for 2013.
IHS also named President and Chief Operating Officer Scott Key as chief executive officer effective June 1, 2013, in place of Jerre Stead. Stead, who also holds the post of chairman, will become executive chairman on that date.
Scott Key has served as president and chief operating officer of IHS since January 2011. Key joined IHS in 2003 to lead strategy, marketing, product and software development teams for the IHS energy business and has led transformation and growth across IHS operations.
IHS is trading at $100.34, up 0.57%, on the NYSE.
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