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S&P Global Lifts FY20 EPS Guidance

S&P Global (SPGI) lifted its earnings forecast for the fiscal year 2020, while reporting better-than-expected second-quarter results.

For fiscal 2020, the company now expects GAAP EPS to be in the range of $10.25 - $10.45, up from the previously communicated range of $9.50 - $9.70. Adjusted EPS guidance is increased to a new range of $10.75 - $10.95 from a range of $9.95 - $10.15.

Sixteen Wall Street analysts have a consensus earnings estimate of $10.27 per share for the year 2020.

Q2 Results

The company reported second-quarter net income of $792 million or $3.28 per share compared to $555 million or $2.24 per share last year.

Adjusted net income increased 37% to $822 million and adjusted earnings per share grew 40% to $3.40, primarily due to revenue growth in S&P Global Ratings and reduced expenses across the Company from COVID-19 related management actions.

Revenue for the quarter was $1.94 billion, up 14% compared to $1.70 billion in the previous year, primarily due to strong global investment-grade issuance, including record quarterly U.S. investment-grade issuance.

Analysts polled by Thomson Reuters expected earnings of $2.67 per share on revenue of $1.77 billion for the quarter. Analysts' estimate typically exclude certain special items.

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