S&P Global forecasts annual profit above estimates on strong demand
(Reuters) -Financial information company S&P Global raised its annual profit forecast on Thursday and beat Wall Street estimates for second-quarter earnings on strong demand for its data and analytics products.
WHY IT'S IMPORTANT
More investors are using market analytics tools to make the best of a volatile market, which is pressured by tariff and rate cut uncertainties.
BY THE NUMBERS
S&P Global now expects its 2025 adjusted earnings per share to be between $17.00 and $17.25, compared with its prior estimate of $16.75 to $17.25.
The company reported an adjusted profit of $1.36 billion, or $4.43 per share, in the second quarter ended June. 30, up from $1.28 billion, or $4.04 per share, a year earlier.
Analysts had estimated an adjusted profit of $4.22 per share, according to data compiled by LSEG.
The market intelligence unit, S&P Global's biggest segment in terms of revenue which provides data and analytics, posted a 5% rise in revenue to $1.22 billion from a year earlier.
S&P Global's total revenue increased 6% to $3.76 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 also announced Bill Eager as CEO designate for S&P Global Mobility.
Until Wednesday's close, shares of the company were up about 7% YTD, compared with a marginal 0.42% gain in Moody's.
Peer Moody's also reported a rise in second-quarter profit last week on strong product demand.
(Reporting by Atharva Singh; Editing by Shinjini Ganguli)
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