• Sat. Mar 2nd, 2024

Moody’s Corp. Boasts 25% Increase in Fourth-Quarter Net Income, Forecasts Continued Growth in 2024

ByEditor

Feb 13, 2024
Moody’s Reports Increase in 4Q Net Income and Forecasts 2024 Earnings Growth with Stable Markets and Economy

Moody’s Corp. has reported a significant increase in fourth-quarter net income and has forecasted further growth in 2024. The company’s bond-rating and financial-research arms are benefiting from a rebound in credit markets and stabilizing economic conditions. In the fourth quarter, Moody’s earnings rose to $340 million, from $246 million a year earlier, marking a substantial increase.

Excluding certain one-off items, Moody’s logged fourth-quarter earnings of $2.19 a share, which fell short of the average analyst estimate of $2.33 a share. Fourth-quarter revenue also surged 15% to $1.48 billion, although this was slightly below the average analyst target of $1.49 billion. The Moody’s Analytics research unit experienced an 11% increase in revenue to $796 million, while the Moody’s Investors Service credit-ratings unit saw a 19% rise to $684 million, attributed to a rebound in Treasury markets and a brightening economic outlook. Bank-loan rating demand was the strongest since early 2022 at Moody’s.

For 2024, Moody’s estimated earnings in a range between $9.45 a share and $10.20 a share, or between $10.25 a share and $11a share on an adjusted basis

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