S&P Global Revenue Increased 9% In The Third Quarter With Growth Across All Four Divisions

S&P Global (NYSE: SPGI) today reported third quarter 2020 results with revenue of $1,846 million, an increase of 9% compared to the same period last year. Net income decreased 26% to $455 million and diluted earnings per share decreased 25% to $1.88 primarily due to the debt tender premium and fees associated with the recent senior notes tender offer.

Adjusted net income increased 14% to $689 million and adjusted diluted earnings per share increased 16% to $2.85 primarily due to revenue growth, productivity programs, and reduced expenses across the Company from COVID-19 related management actions. The largest adjustment in the third quarter of 2020 was associated with the debt tender premium and fees. In addition, there were adjustments for deal-related amortization and Kensho retention-related expenses. The third quarter of 2019 included adjustments for the gains on the divestitures of SPIAS and RigData as well as deal-related amortization and Kensho retention-related expenses.

“S&P Global has a collection of strong and resilient businesses that continued to perform well in the current environment. The demand for our ratings, benchmarks, research, data, and analytics is greater than ever during uncertain and volatile markets,” said Douglas L. Peterson, President and Chief Executive Officer of S&P Global. “Two years ago, we established a number of growth initiatives. It is very encouraging to see so many of these investments result in new products that we have launched this year. This is particularly true with our ESG investments and the traction that our new ESG products are gaining in the marketplace.”

Profit Margin: The Company’s operating profit margin decreased 160 basis points to 51.1% primarily due to the prior period benefiting from the dispositions of the SPIAS and RigData businesses. The adjusted operating profit margin increased 100 basis points to 52.9% primarily due to revenue growth, productivity programs, and reduced expenses across the Company from COVID-19 related management actions.

Return of Capital: During the quarter, the Company returned $172 million to shareholders. This included $161 million in dividends and $11 million in share repurchases which represented the conclusion of the share repurchase program initiated in February of this year. During the first nine months of 2020, the Company has returned $1.64 billion to shareholders consisting of $1.16 billion in share repurchases and $484 million in dividends.
more detail at: http://investor.spglobal.com/file/Index?KeyFile=405728290

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