Moody's Projects 2023 Revenue To Grow In Mid-to-high-single Digit Percent Range

Moody's (MCO) said, for fiscal 2023, the company expects adjusted EPS in a range of $9.00 to $9.50. Analysts polled by Thomson Reuters expect the company to report profit per share of $9.28. Analysts' estimates typically exclude special items. EPS is projected in a range of $8.05 to $8.55. Revenue is projected to increase in the mid-to-high-single-digit percent range. Operating expenses are projected to increase in the low-single-digit percent range in 2023.

Fourth quarter net income was $246 million, or $1.34 per share compared with $427 million, or $2.28 per share, a year ago. Excluding items, adjusted earnings was $295 million or $1.60 per share for the period. Analysts on average had expected the company to earn $1.44 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items. The company said the EPS decline from the prior-year period was principally attributed to the decrease in MIS's revenue, partially offset by continued and growing demand for MA's global integrated risk assessment offerings and incremental MCO expense reduction

Revenue for the quarter fell to $1.29 billion from $1.54 billion last year. Revenue declined 16% and 13% on a reported and organic constant currency basis, respectively, from the prior-year period.

As of December 31, 2022, Moody's had $7.4 billion of outstanding debt and an undrawn $1.25 billion revolving credit facility.

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