S&P Global 1Q Net Tops Views; Raises 2024 Revenue, EPS Views
By Rob Curran
S&P Global boosted its revenue and adjusted earnings target for 2024 as an increase in credit-market activity boosted its fortunes and first-quarter earnings soared beyond expectations.
The New York credit-ratings and research firm logged earnings of $991 million, or $3.16 a share, up from $795 million, or $2.47 a share, a year earlier.
Excluding certain one-off items, S&P Global posted earnings of $4.01 a share, handily beating analysts' average target of $3.65 a share, as per FactSet.
Revenue rose 10% to $3.49 billion, exceeding the mean Wall Street estimate of $3.41 billion, as tallied by FactSet. Credit-ratings revenue, which had suffered during the long run-up in interest rates, surged 29% to $1.06 billion.
For 2024 the company ratcheted up its earnings projection to a range between $10.80 and $11.05 a share from a previous estimate range of between $10.65 and $10.90 a share. S&P Global raised its adjusted earnings target to a range between $13.85 and $14.10 a share from a prior estimated range between $13.75 and $14 a share.
S&P Global boosted revenue growth estimate to 6% and 8% from a previous estimate of 5.5% to 7.5% growth. For 2023, S&P Global booked revenue of $12.5 billion.
Write to Rob Curran at rob.curran@wsj.com
(END) Dow Jones Newswires
April 25, 2024 08:11 ET (12:11 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.-
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