NEW YORK (AP) — NEW YORK (AP) — Moody’s Corp. (MCO) on Tuesday reported first-quarter net income of $501 million.
On a per-share basis, the New York-based company said it had profit of $2.72. Earnings, adjusted for amortization costs and restructuring costs, were $2.99 per share.
The results exceeded Wall Street expectations. The average estimate of six analysts surveyed by Zacks Investment Research was for earnings of $2.31 per share.
The credit ratings agency posted revenue of $1.47 billion in the period, which also topped Street forecasts. Seven analysts surveyed by Zacks expected $1.43 billion.
Moody’s expects full-year earnings in the range of $9.50 to $10 per share.
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