Reuters: Regulatory News: UPDATE 1-McGraw Hill profit beats estimates as S&P shines

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UPDATE 1-McGraw Hill profit beats estimates as S&P shines Oct 22nd 2013, 12:06 Share this Email Print Reprints Tue Oct 22, 2013 8:06am EDT * Third-qtr cont ops adj earnings/shr $0.80 vs est $0.77 * Revenue rises 7 pct * S&P Ratings revenue up 8 pct Oct 22 (Reuters) - Standard & Poor's owner, McGraw Hill Financial Inc, reported a higher-than-expected 56 percent jump in quarterly profit due to strong growth at the rating agency and S&P Dow Jones indices. The company, which also raised its full-year adjusted profit forecast, said net income from continuing operations jumped to $235 million, or 84 cents per share, in the third quarter from $151 million, or 53 cents per share, a year earlier. The rise comes as the company is fighting a $5 billion U.S. government lawsuit that accuses Standard & Poor's of misleading investors by inflating credit ratings on risky mortgage-backed securities before the housing crash. The company, whose rivals include Moody's Corp's, Moody's Investors Service and Fimalac SA's Fitch Ratings, raised its 2013 outlook to an adjusted profit of $3.25 to $3.30 per share from $3.15-$3.25. On an adjusted basis, the company earned 80 cents per share from continuing operations in the quarter ended Sept. 30. Total revenue rose 7 percent to $1.19 billion. Analysts on average had expected earnings of 77 cents per share on revenue of $1.17 billion, according to Thomson Reuters I/B/E/S. Revenue from the company's commercial and commodities businesses, which include the Platts brand, rose 7 percent to $255 million. Revenue from its S&P Dow Jones indices grew 14 percent to $124 million. Revenue at S&P Ratings increased 8 percent to $540 million, driven by an increase in bank loan ratings. The 125-year old company's shares, which have risen about 19 percent in the last three months, closed at $69.79 on the New York Stock Exchange on Monday. Link this Share this Digg this Email Reprints

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