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Moody’s Q1 2013 Revenues up 13%

Moody's Results Q1 2013For Moody’s Corporation overall, global revenue of $731.8 million for the first quarter of 2013 was up 13% from the first quarter of 2012. U.S. revenue of $406.1 million for the first quarter of 2013 increased 18% from the first quarter of 2012, while revenue generated outside the U.S. of $325.7 million increased 8% from the prior-year period. Revenue generated outside the U.S. represented 45% of Moody’s total revenue for the quarter, down slightly from 47% in the year-ago period.

Global revenue for Moody’s Investors Service (“MIS”) for the first quarter of 2013 was $521.2 million, up 15% from the prior-year period. U.S. revenue of $313.1 million for the first quarter of 2013 increased 21% from the first quarter of 2012. Outside the U.S., revenue of $208.1 million increased 8% from the year-ago period. The impact of foreign currency translation on MIS revenue was negligible.

Global revenue for Moody’s Analytics (“MA”) for the first quarter of 2013 was $210.6 million, up 9% from the first quarter of 2012. Excluding the impact of foreign currency translation, revenue growth was 10 percent. In the U.S., MA revenue of $93.0 million for the first quarter of 2013 increased 10% from the prior-year period. Outside the U.S., revenue of $117.6 million grew 8% as compared with the same quarter of 2012.

First quarter 2013 operating expenses for Moody’s Corporation were $451.4 million, 19% higher than in the prior-year period, primarily due to a settlement charge for the resolution of the Abu Dhabi and Rhinebridge litigation matters. The impact of foreign currency translation on operating expenses for the quarter was negligible.

Operating income of $280.4 million for the quarter, which includes the litigation settlement charge, increased 4% from $269.0 million for the same period last year. Excluding the impact of foreign currency translation, operating income grew 5 percent. Moody’s reported operating margin for the first quarter of 2013 was 38.3%, down from 41.6% in the first quarter of 2012. Adjusted operating margin was 41.5% for the first quarter of 2013, down from 45.2% for the same period last year. Both reported and adjusted operating margins in the first quarter of 2013 include the litigation settlement charge.

Ratings Agencies Stock April 29Moody’s shares rose sharply following the announcement of the settlement Abu Dhabi and Rhinebridge litigation matters.

Source:  Moody’s Press Release

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