Canada's Trudeau vows lead his Liberal Party into the next election
Georgia officials say they thwarted an attempt to crash a state election website
Nigeria releases American crypto executive after dropping money laundering case
International Criminal Court's prosecutor denies misconduct allegation
Slovenia cancels referendum on new nuclear plant
Carrier cuts annual revenue forecast on weak consumer demand, shares fall
Human bird flu cases in California may be undercounted as workers resist testing
Pixies' Black Francis on 'The Night the Zombies Came,' 35 years of 'Doolittle' and Steve Albini
Beyoncé to appear with Kamala Harris in Houston on Friday
Beyoncé, whose ‘Freedom’ is Harris’ campaign anthem, is expected at Democrat's Texas rally on Friday
(Reuters) - Financial information company S&P Global raised its annual profit forecast on Thursday and beat Wall Street estimates for third-quarter profit on strong demand for its data and analytics products.
WHY IT'S IMPORTANT
Expectations of further interest-rate cuts kept investors confident in the health of the U.S. economy and boosted demand for market-related analytical tools for better investment choices, helping firms such as S&P Global and Moody's .
BY THE NUMBERS
S&P Global now expects its 2024 adjusted earnings per share between $15.10 and $15.30, compared with the prior view of $14.35 to $14.60.
The company reported an adjusted profit of $1.21 billion, or $3.89 per share, in the three months ended Sept. 30, up from $1.02 billion, or $3.21, a year earlier.
Analysts on average estimated an adjusted profit of $3.64 per share, according to data compiled by LSEG.
The market intelligence unit, S&P Global's biggest segment in terms of revenue that provides data and analytics, posted a 6% rise in its third-quarter revenue of $1.16 billion from a year ago.
Revenue from the company's ratings segment, which provides credit ratings, research and analytics to investors, rose 36% to $1.11 billion.
The company's mobility business, which focuses on vehicle, market and consumer data for original equipment manufacturers, reported a 9% rise in quarterly revenue.
S&P Global's total third-quarter revenue increased 16% to $3.58 billion.
CONTEXT
The New York-based company provides credit ratings, benchmarks, analytics and workflow solutions in the global capital, commodity and automotive markets.
S&P Global Ratings had agreed to pay $20 million in civil penalties to settle U.S. Securities and Exchange Commission charges for breaking record-keeping rules, Reuters reported in September.
Peer Moody's Corp on Tuesday also reported a rise in third-quarter profit on the back of strong product demand.
(Reporting by Prakhar Srivastava in Bengaluru; Editing by Shreya Biswas)
