Moody's raises full-year profit forecast above estimates on strong product demand

Moody's raised its full-year adjusted profit forecast above Wall Street estimates, reporting a nearly 31% increase in third-quarter earnings, driven by strong demand for its research and analytics products.

Revenue in its analytics unit rose 7% to $831 million, while the investor services segment surged nearly 41% to $982 million. Total revenue for the company reached $1.81 billion, up from $1.47 billion a year earlier.

Moody's now anticipates adjusted earnings per share for fiscal year 2024 to be between $11.90 and $12.10, exceeding analysts' average estimate of $11.69. Shares rose 2% in pre-market trading.