The Company reported second quarter 2024 revenue of $3.549 billion, an increase of 14% compared to the second quarter of 2023.
Second quarter GAAP net income increased 98% to $1.011 billion and GAAP diluted earnings per share increased 102% to $3.23 as higher net income was driven primarily by strong growth in Ratings and Indices. Excluding the impact of Engineering Solutions (ES), revenue growth would have been 16% year over year. Adjusted net income for the second quarter increased 27% to $1.267 billion and adjusted diluted earnings per share increased 30% to $4.04.
On June 27, 2024, the Company announced that Douglas L. Peterson will retire as President and CEO effective November 1, 2024. Martina Cheung was unanimously selected by the Board as the next President and CEO. Ms. Cheung is currently serving as President of S&P Global Ratings. As previously announced, Yann Le Pallec will succeed Ms. Cheung as President of S&P Global Ratings, also effective November 1, 2024.
Notable transactions announced or completed include the Visible Alpha acquisition, which closed on May 1, 2024, and the announced divestiture of Fincentric, which is expected to be completed in the third quarter. The financial impact of all such transactions are fully contemplated in the Company’s updated guidance, issued today.
“Our second quarter results demonstrate the power of S&P Global’s strategy and the ability to quickly respond to dynamic markets and create value for our customers.
In the current uncertain macro landscape, we delivered record revenue, significant operating margin expansion on both a GAAP and adjusted basis, and significant outperformance against our internal expectations on both GAAP and adjusted EPS.
I am very proud of what our teams have accomplished in the first half of this year, and what we have delivered for customers, shareholders, and our people. I’m also proud of the performance of this incredible company I’ve had the privilege to lead over the past 11 years.” Douglas Peterson President and CEO
- Quarterly revenue achieved a new record of $3.549 billion, increasing 14% year over year.
- GAAP operating margin increased over 1,100 basis points and adjusted operating margin increased 450 basis points, driving 102% growth in GAAP EPS and 30% growth in adjusted EPS, respectively, year over year.
- The Company expects to execute additional accelerated share repurchases (ASR) totaling $1.5 billion in the coming weeks.
- The Company is raising full-year 2024 guidance. Guidance now calls for revenue growth of 8.0% – 10.0%, GAAP diluted EPS in the range of $11.15 – $11.40, and adjusted diluted EPS in the range of $14.35 – $14.60.
Source: S&P Global Earnings Release
This earnings release and supplemental materials are available at http://investor.spglobal.com/Quarterly-Earnings.
