Moody's 1Q income falls on weak credit markets (AP)
Wed, 29 Apr 2009 19:55:13 Etc/GM
But the results beat analyst estimates, sending shares up $1.01, or 3.7 percent, to $28.50 in afternoon trading.
Moody's said its earnings for the quarter ended March 31 fell to $90.2 million, or 38 cents per share, from $120.7 million, or 48 cents per share, in the same quarter last year.
The results included a one-time charge related to restructuring actions during the quarter. Excluding the charge, Moody's earned 41 cents per share. Revenue fell 5 percent to $408.9 million.
Analysts surveyed by Thomson Reuters expected 34 cents per share on $393.3 million, on average. Such estimates typically exclude one-time items.
The results "reflected some improvement in credit market activity," said Raymond McDaniel, chairman and chief executive, in a statement. "While we are encouraged by the increased level of activity, certain areas of the credit markets remain largely inactive and we continue to expect only limited recovery in 2009."
Moody's stood by its previous full-year guidance of $1.40 to $1.50 per share. Analysts expect $1.49 per share.
source: http://biz.yahoo.com/ap/090429/us_earns_moody_s.html?.v=1