Boosted by a rebound in debt issuance, shares of Moody's (NYSE:MCO) Corp. rose 3.3% today after the company reported third-quarter earnings and revenue that exceeded predictions. The firm announced earnings of $2.43 per share, surpassing the FactSet consensus of $2.30 per share, and revenue of $1.472 billion, against the expected $1.461 billion.
Moody's also raised its 2023 adjusted earnings forecast to between $9.75-$10.25 per share, which compares favorably to FactSet's estimate of $9.99 per share. The firm's leveraged finance revenue, specifically bank loans, had its strongest quarter since the start of 2022.
In addition, Moody’s revised its bond issuance growth outlook for 2023 to a low-to-mid-single digits percentage range, up from July estimates. The company also anticipates a 40% surge in high-yield bonds but predicts a 25% drop in structured finance deals.
On the other hand, the Financial Select Sector SPDR Fund (NYSE:XLF) experienced a slight downturn today with a decrease of 0.5%.
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