NEW YORK (AP) — The credit ratings agency Moody's said Friday that its first-quarter profit rose 16 percent, helped by strong results at its analytics division.
The profit beat Wall Street predictions and the company also backed its full-year profit and revenue outlook.
Moody's Corp. earned $218 million, or $1 per share, in the January-March period, up from $188.4 million, or 83 cents per share, in the same quarter of 2013. Revenue rose 5 percent to $767.2 million from $731.8 million.
Analysts, on average, expected a profit of 91 cents per share on $768.8 million in revenue, according to FactSet.
Revenue at the company's analytics division jumped 15 percent to $241.4 million, while revenue at the company's investors service arm edged up 1 percent to $525.8 million
For the full year 2014, Moody's said it still expects to post a profit of $3.90 to $4 per share on "high-single-digit" percent revenue growth. Analysts polled by FactSet expect a profit of $3.96 per share.
Its shares slipped 25 cents to $79.40 in afternoon trading Friday. Its shares have risen 44 percent so far this year.