Moody's results top Street view on ratings pickup

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Moody's results top Street view on ratings pickup

2009-10-29 18:30:00

Moody's Corp, parent of Moody's Investors Service, reported better-than-expected quarterly earnings Thursday on a pickup in bond issuance, and raised its outlook for the full year.

Third-quarter revenue climbed 4 percent to $451.8 million, while profit attributable to shareholders fell to $100.6 million, or 42 cents per share, from $113 million, or 46 cents per share, a year earlier.

Analysts on average expected earnings of 38 cents a share, according to Thomson Reuters I/B/E/S.

Revenue from rating corporate bonds soared 32 percent from a year earlier, while revenue from rating structured finance fell 17 percent.

Citing the strength of the corporate debt market, New York-based Moody's raised its full-year profit forecast to a range of $1.60 to $1.68 a share. It previously forecast $1.45 to $1.55.

Moody's shares were up 20 cents in premarket trading, after closing at $24.62 on Wednesday. The shares are up 23 percent this year.

Warren Buffett's Berkshire Hathaway Inc is the largest Moody's shareholder. In July, Berkshire Hathaway said it had cut its stake to 16.98 percent from 20.4 percent, the first reported reduction since 2000.

(Reporting by Elinor Comlay; editing by John Wallace)

(For more news on Reuters Money visit http://www.reutersmoney.in)

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