S&P Global Reports First Quarter Results

S&P Global (NYSE: SPGI) today reported first quarter 2018 results with revenue of $1,567 million, an increase of 8% compared to the same period last year with growth in every business segment.  Excluding the favorable impact from foreign exchange, revenue increased 6%.

Net income increased 23% to $491 million and diluted earnings per share increased 26% to $1.93 as a result of revenue growth, operating leverage and U.S. tax reform.   Adjusted net income increased 21% to $509 million and adjusted diluted earnings per share increased 24% to $2.00. The adjustments in the first quarter of 2018 were for deal-related amortization.

“We are off to a solid start to 2018 despite weak bond issuance and the return to volatility.  In fact, the volatility led to record exchange-traded derivatives revenue in our Index business. And our Ratings business was able to navigate the weak bond issuance and deliver top-line growth,” said Douglas L. Peterson, President and Chief Executive Officer of S&P Global.  “During the quarter, we added to our capabilities for success in the future through the acquisitions of Panjiva and Kensho.  These are examples of unique companies that enhance our strong analytical foundation with world-class talent and cutting-edge artificial intelligence technologies.”

Margin: The Company’s operating profit margin improved by 130 basis points to 45% due to revenue growth and operating leverage.  The adjusted operating profit margin increased 10 basis points to 47%.

Return of Capital: During the first quarter, the Company returned $1.227 billion to shareholders through a combination of $127 million in dividends, $100 million in open market share purchases, and $1 billion in the form of an accelerated share repurchase (ASR) agreement. During the quarter, we received 0.6 million shares from the open market purchases and the initial shares under the ASR of 4.5 million shares.  We expect to complete the ASR during the third quarter and receive additional shares at that time.

Ratings:  Revenue increased 5% to $748 million in the first quarter.  Non-transaction revenue increased 11% to $380 million due to growth in fees associated with surveillance as well as large increases in new entity ratings and Rating Evaluation Service fees.  Transaction revenue declined 1% to $368 million as declines in corporate bonds and public finance were slightly larger than gains in structured products.

U.S. revenue increased 1% and international revenue, led by gains in EMEA and Asia-Pacific, increased 10%.  International represented 44% of first quarter revenue.  With the exception of U.S. public finance, every major ratings sector delivered revenue growth with the largest gain in structured products.

Operating profit increased by 9% to $408 million. The operating profit margin improved 220 basis points to 55% compared to the first quarter of 2017.  Adjusted operating profit increased 8% to $408 million. The adjusted operating profit margin improved 190 basis points to 55%.
more detail at:  http://investor.spglobal.com/file/Index?KeyFile=393190057

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