Moody's Corp. (MCO) reported that its first-quarter net income attributable to the company rose to $188.4 million from $173.5 million in the prior year quarter. Earnings per share of $0.83, which includes a litigation settlement charge of $0.14, increased 9% from $0.76 in the first quarter of 2012. Analysts polled by Thomson Reuters expected the company to report earnings of $0.85 per share for the quarter. Analysts' estimates typically exclude special items.
Operating expenses for the first quarter of 2013, which include a litigation settlement charge, totaled $451.4 million, 19% higher than in the prior-year period.
"Moody's results in the first quarter of 2013 reflected strong operating performance for both Moody's Investors Service and Moody's Analytics….Earnings per share growth of 9% for the quarter reflects higher than anticipated expenses associated with our resolution of two protracted litigation matters," said Raymond McDaniel, President and Chief Executive Officer of Moody's.
Quarterly revenue was $731.8 million, up 13% from $646.8 million in the prior year quarter. Seven analysts estimated revenues of $718.01 million for the quarter.
Moody's full-year 2013 non-GAAP earnings guidance range, which excludes the impact of the first quarter litigation settlement charge, is now $3.49 to $3.59.
While announcing the fourth-quarter result, the company had expected expects earnings in a range of $3.45 to $3.55 per share for fiscal 2013.
For Moody's overall, the Company still expects full-year 2013 revenue to grow in the high-single-digit percent range.
Analysts expect the company to report earnings of $3.51 per share on revenues of $2.96 billion fro fiscal 2013.
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