S&P Global beats Q3 estimates, raises full-year outlook

NEW YORK - S&P Global (NYSE:SPGI) reported third-quarter earnings that surpassed analyst expectations and raised its full-year guidance, sending shares up 1.5% in response to the positive results.

The financial information and analytics company posted adjusted earnings per share of $3.89, beating the analyst consensus of $3.64. Revenue for the quarter reached a record $3.58 billion, up 16% YoY and exceeding the estimated $3.43 billion.

S&P Global's strong performance was driven primarily by growth in its Ratings and Indices segments. The company's GAAP operating margin expanded by 530 basis points, while the adjusted operating margin increased by 180 basis points compared to the same quarter last year.

President and CEO Douglas Peterson commented, "S&P Global delivered exceptional financial results in the third quarter. The Company continues to serve its customers with world-class benchmarks, data and insights, and workflow tools, while we invest in innovation that will generate growth and create long-term value for our shareholders."

Looking ahead, S&P Global raised its full-year 2024 guidance. The company now expects revenue growth of 11.5% to 12.5%, up from its previous forecast. Adjusted earnings per share are projected to be in the range of $15.10 to $15.30, higher than the analyst consensus of $14.86.

The company also announced plans to execute additional accelerated share repurchases totaling $1.3 billion in the coming weeks, demonstrating confidence in its financial position and commitment to returning value to shareholders.

S&P Global's updated outlook reflects strong third-quarter performance and an improved forecast for the fourth quarter. The company also raised its expectations for cash provided by operating activities and adjusted free cash flow for the full year.

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Source: Investing.com