Moody’s Corporation (NYSE:MCO) stock was up on Friday following the release of its earnings report for the fourth quarter of 2017.
During the fourth quarter of the year, Moody’s Corporation reported earnings per share of $1.51. This represents a 20% increase over its earnings per share of $1.26 from the same time last year. It was also a boon to MCO stock by beating out Wall Street’s earnings per share estimate of $1.45 for the quarter.
Moody’s Corporation also notes that net income for the fourth quarter of the year came in at $28.50 million. This is an increase over its net loss of $425.50 million that was reported in the same period of the year prior.
Moody’s Corporation points out that its net income for the fourth quarter of the year was affected by the recent change to tax laws in the U.S. It says that this resulted in a charge of roughly $245 million during the quarter.
Revenue of $1.17 billion for the fourth quarter of the year was also good news for MCO stock. The investor service company reported revenue of $942.10 million for the same quarter of the previous year. Analysts were estimating revenue of $1.07 billion for the period.
Moody’s Corporation’s most recent earnings report also includes its outlook for 2018. It is expecting earnings per share of the year to range from $7.65 to $7.85. Wall Street is looking for earnings per share of $6.89 in 2018.
Moody’s Corporation is also expecting revenue of the year to increase in the low-double-digit percent range. 2017 revenue was $4.20 billion. Analysts are estimating revenue of $4.53 billion for the year.
MCO stock was up 1% as of Friday morning.
As of this writing, William White did not hold a position in any of the aforementioned securities.