$MCO (Moody's Corporation)

$MCO {{ '2016-02-05T12:31:09+0000' | timeago}} • Announcement

Credit rating agency $MCO reported a fall in 4Q15 earnings on lower revenues. Net income attributable to $MCO fell 7.7% to $217.9MM or $1.09 per share from $236.3MM or $1.12 per share a year ago. Revenue fell 1.3% to $865.9MM from $877.5MM a year ago. Operating expense was flat to the prior year period, while operating income fell 3% YoverY.

$MCO {{ '2017-07-12T19:51:15+0000' | timeago}} • Announcement

$MCO's BoD declared a regular quarterly dividend of 38 cents per share of its common stock. The dividend will be payable on Sept, 12, 2017 to stockholders of record at the close of business on Aug. 22, 2017.

$MCO {{ '2017-06-01T14:01:20+0000' | timeago}} • Announcement

$MCO is offering to sell $1.0Bil aggregate principal amount of two series of senior notes. Moody’s expects to use the net proceeds from this offering to fund a portion of the purchase price of its acquisition of Bureau van Dijk Electronic Publishing B.V., a provider of business intelligence and company information products.

$MCO {{ '2017-05-15T11:55:14+0000' | timeago}} • Announcement

Through the acquisition of Bureau van Dijk, $MCO expects approx $45MM of annual revenue and expense synergies by 2019, and $80MM by 2021. On a GAAP basis, the acquisition is expected to add to Moody’s EPS in 2019. Excluding purchase price amortization and one-time integration costs, it is expected to add to EPS in 2018.

$MCO {{ '2017-05-15T11:52:34+0000' | timeago}} • Announcement

$MCO has agreed to acquire Bureau van Dijk, a global provider of business intelligence, for approx $3.27Bil. Moody’s will fund the transaction through a combination of offshore cash and new debt financing. The acquisition is expected to close in 3Q17.

$MCO {{ '2017-05-05T17:03:01+0000' | timeago}} • Webcast

$MCO is modernizing its analytics and data platforms. The company is putting in place a workflow platform for the analysts that will automate a lot of the credit administration and rating workflow. $MCO expects to see benefits and efficiencies from these initiatives.

$MCO {{ '2017-05-05T16:45:23+0000' | timeago}} • Webcast

$MCO stated that the updated 1Q17 to 4Q17 expense ramp is $30-40MM. The company had an uptick because of higher incentive compensation in 1Q17 and some spending on IT projects. This caused the revision from the previous range of $20-25MM.

$MCO {{ '2017-05-05T16:35:27+0000' | timeago}} • Webcast

$MCO is looking at protracted lower GDP growth especially in developed economies. For 2017, the MIS GDP forecast for the G20 are about 3%, the US is 2.4% and the Euro area is 1.3%. Between the US and Euro area, $MCO is looking at 85% of its revenue. $MCO is taking this into account in terms of the pace of debt market expansions.

$MCO {{ '2017-05-05T16:13:14+0000' | timeago}} • Webcast

$MCO said the share of overhead allocation is fixed and does not change from quarter to quarter. In 1Q17, there was core expansion in Moody’s Analytics margin, and as the Enterprise Risk Solutions business matures and as the product offering matures, $MCO would expect to see more margin coming out of this business.

$MCO {{ '2017-05-05T11:40:45+0000' | timeago}} • Announcement

$MCO now sees FY17 EPS at $5.46-5.61, including the $0.31 per share gain from realignment involving Moody’s China affiliate CCXI. Full year adjusted EPS is expected to be toward the upper end of the range of $5.15-5.30. Operating expense is still touted to decrease in the 25% to 30% range. The effective tax rate is now seen to be approximately 30%.

$MCO {{ '2017-05-05T11:36:34+0000' | timeago}} • Announcement

In 1Q17, $MCO saw Moody’s Investors Service revenue jump 27% to $668.2MM, while revenue from Moody’s Analytics hiked 5% to $307.0MM. Operating expense for the quarter was $531.8MM, up 4% from the prior-year period, with effective tax rate falling to 23.4% from 32.3%. Operating income spiked 46% to $443.4MM.

$MCO {{ '2017-05-05T11:33:22+0000' | timeago}} • Announcement

$MCO's revenue soared 19% to $975.2MM in 1Q17, as it posted an 87% jump in net attributable income of $345.6MM from last year's $184.4MM. Earnings spiked to $1.78 per diluted share from $0.93 a share, as Moody's saw US revenue surge 20% to $577.8MM.

$MCO {{ '2017-04-25T21:56:02+0000' | timeago}} • Announcement

BoD of $MCO declared a regular quarterly dividend of 38 cents per share of its common stock. The dividend will be payable on June 12, 2017 to stockholders of record as on May 22, 2017.

$MCO {{ '2017-02-28T16:20:13+0000' | timeago}} • Announcement

$MCO priced an underwritten public offering of $800MM of notes consisting of $500MM of 2.75% senior unsecured notes due 2021 and $300MM of floating rate notes due 2018. The offering is expected to close on March 2, 2017.

$MCO {{ '2017-02-17T18:04:45+0000' | timeago}} • Webcast

$MCO commented that it does not expect dramatic changes in the business because of the corporate tax changes. The company added that tax rate changes will have some impact on its business.

$MCO {{ '2017-02-17T17:53:51+0000' | timeago}} • Webcast

$MCO stated that in Europe, ECB and Bank of England continue to buy bonds. French election will be the first major event in 2017.   Macroeconomic and geopolitical risks continue to be key focus for speculative trade market in Europe.

$MCO {{ '2017-02-17T17:37:44+0000' | timeago}} • Webcast

$MCO said that it had paid the most of $864MM related to the DOJ settlement with its cash on hand. In 2016, the company reduced share repurchase guidance from $1Bil to $750MM. For the rest of the year, $MCO plans to repurchase shares for about $500MM, subject to certain conditions.

$MCO {{ '2017-02-17T17:37:09+0000' | timeago}} • Webcast

$MCO said that incentive compensation expenses for 1Q16, 2Q16, 3Q16 and 4Q16 were about $33MM, $35MM, $42MM and $59.6MM, respectively. For 2017, the company targets incentive compensation to be between $40MM and $45MM per quarter.

$MCO {{ '2017-02-17T17:10:30+0000' | timeago}} • Webcast

$MCO said that many of its 4Q16 and 2016 financial measures were impacted by the agreement reached with the US Department of Justice, 21 US states and the District of Columbia in Jan. 2017. This agreement costed $864MM for $MCO to resolve the pending and potential civil claims related to credit ratings assigned during the financial crisis era.

$MCO {{ '2017-02-17T12:43:34+0000' | timeago}} • Announcement

$MCO expects 2017 cash flow from operations of about $600MM and free cash flow of about $500MM, both of which include the payment of the settlement charge. $MCO expects share repurchases to be about $500MM. $MCO sees capital expenditures of about $100MM and depreciation and amortization expense of about $135MM.

$MCO {{ '2017-02-17T12:41:37+0000' | timeago}} • Announcement

$MCO expects 2017 operating expense to decrease in the 25-30% range. Excluding the 2016 settlement and restructuring charges, adjusted operating expense is expected to increase in the low-single-digit percent range. On a constant dollar basis, the adjusted operating expense growth rate would be about 170 basis points higher.

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