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Moody’s Corporation Q2 revenue $928.9 million

Staff Writer |
Moody’s Corporation announced results for the second quarter of 2016. The company reported revenue of $928.9 million for the three months ended June 30, 2016, up 1% from $918.1 million for the same period of 2015.

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Operating expense totaled $518.7 million, up 4% from $498.8 million, and operating income was $410.2 million, down 2% from $419.3 million.

Adjusted operating income (operating income before depreciation and amortization) was $441.4 million, down 1% from $447.2 million in the prior-year period.

Operating margin for the second quarter of 2016 was 44.2% and adjusted operating margin was 47.5%.

Moody’s Corporation reported global revenue of $928.9 million for the second quarter of 2016, up 1% from $918.1 million in the second quarter of 2015. The impact of foreign currency translation was negligible.

US revenue was $545.9 million, flat to the second quarter of 2015, while non-US revenue was $383.0 million, up 3% from the prior-year period. Revenue generated outside the US represented 41% of total revenue, consistent with the year-ago period.

Global revenue for Moody’s Investors Service (MIS) for the second quarter of 2016 was $625.6 million, down 2% from $639.2 million in the prior-year period. The impact of foreign currency translation was negligible. US revenue was $399.0 million, down 3%, while non-US revenue was $226.6 million, flat to the prior-year period.

Global corporate finance revenue was $304.8 million, down 5% from the strong prior-year period. This result primarily reflected lower levels of US speculative grade and Asian investment grade issuance despite increased activity from the first quarter. US and non-US corporate finance revenues were down 4% and 6%, respectively.

Global structured finance revenue totaled $111.5 million, down 8% from the second quarter of 2015. Reduced US CLO and CMBS activity was only partially offset by increased European structured finance activity. US structured finance revenue was down 16%, while non-US revenue was up 14%.

Global financial institutions revenue was $89.7 million, down 1% compared to the prior-year period. US financial institutions revenue was up 7%, while non-US revenue was down 7%.

Global public, project and infrastructure finance revenue was $112.3 million, up 12% over the prior-year period primarily as a result of increased global infrastructure-related issuance. US and non-US public, project and infrastructure finance revenues were up 11% and 16%, respectively.

Global revenue for Moody’s Analytics (MA) for the second quarter of 2016 was $303.3 million, up 9% from $278.9 million in the second quarter of 2015. Foreign currency translation unfavorably impacted MA revenue by 1%. MA’s US revenue was $146.9 million, up 10%, and its non-US revenue was $156.4 million, up 8%.

Global revenue from research, data and analytics (RD&A) was $168.3 million, up 7% from the prior-year period mainly due to strength in sales of credit research and ratings data feeds. US and non-US RD&A revenues were each up 7%.

Global enterprise risk solutions (ERS) revenue of $97.5 million was up 17% from the second quarter of 2015 primarily due to the March 2016 acquisition of GGY as well as growth across all product lines. US and non-US ERS revenues were up 21% and 15%, respectively.

Global revenue from professional services of $37.5 million was down 2% from the prior-year period. US professional services revenue was flat to the prior-year period while non-US revenue was down 3%.


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