By Will Feuer
Moody's Corp. said its profit and revenue for the second quarter fell as the issuance market cooled amid stock-market volatility.
The credit rating, research and risk analysis company posted net income of $327 million, down from $577 million in the same period a year ago. Earnings were $1.77 a share, compared with $3.07 a share a year earlier.
Stripping out one-time items like acquisition-related expenses, adjusted earnings were $2.22 a share. Analysts polled by FactSet were looking for $2.32 a share.
Revenue fell to $1.38 billion from $1.55 billion a year earlier. Analysts surveyed by FactSet were expecting revenue of $1.42 billion The company attributed the lower revenue to volatile capital markets driving a drop in issuance and refinancing activity.
Moody's Investors Services segment saw revenue of $706 million, a 28% drop. Moody's Analytics revenue rose 18% to $675 million for the quarter.
Write to Will Feuer at Will.Feuer@wsj.com
(END) Dow Jones Newswires
July 26, 2022 07:44 ET (11:44 GMT)Copyright (c) 2022 Dow Jones & Company, Inc.