Moody’s revenue of $767.2 million for the three months ended March 31, 2014 increased 5% from $731.8 million for the first quarter of 2013. Operating expenses for the first quarter of 2014 totaled $434.2 million, a 4% decline from the prior-year period. Operating income for the quarter was $333.0 million, a 19% increase from $280.4 million from the same period last year.
“Moody’s results for the first quarter reflected continued strength in Moody’s Analytics, as well as modest growth in Moody’s Investors Service despite variable market conditions,” said Raymond McDaniel, President and Chief Executive Officer of Moody’s. “We are reaffirming our 2014 guidance of high-single-digit percent revenue growth and EPS in the range of $3.90 to $4.00.”
In essence, revenues for the ratings business was flat while the analytics segment picked up the slack with a 15% growth in revenues.
Source: Moody’s Earnings Release