By Robert Barba
Moody's Corp. said its revenue and earnings grew in the latest quarter as a boom in debt issuances resulted in a higher demand for its services.
The rating agency reported third-quarter net income of $467 million, or $2.47 a share, compared with $380 million, or $1.99 a share, a year earlier.
Adjusted earnings were $2.69 a share. Analysts polled by FactSet expected adjusted earnings of $2.09 a share.
Revenue was $1.36 billion, up from $1.24 billion a year earlier. Analysts expected sales of $1.22 billion.
Revenue from its investors services business rose 11%, while revenue from its analytics business rose 7%.
"Moody's Investors Service benefitted from a third consecutive record issuance quarter as fixed-rate issuers took advantage of historically low borrowing costs to refinance existing debt and strengthen liquidity positions," said Raymond McDaniel, president and chief executive, in prepared remarks.
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(END) Dow Jones Newswires