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S&P Global sees higher Q2 profit YOY, ups FY'19 EPS forecast

S&P Global Inc. reported second-quarter adjusted net income attributable to the company of $601 million, or $2.43 per share, an increase from $549 million, or $2.17 per share, in the year-ago period.

The S&P Global Market Intelligence consensus normalized EPS estimate for the quarter was $2.28.

On a GAAP basis, net income attributable to the company was $555 million, or $2.24 per share, also an increase from $461 million, or $1.82 per share, in the prior-year period.

The adjustments in the quarter were associated with restructurings primarily in Ratings and in corporate functions, a lease impairment, deal-related amortization and Kensho retention-related expenses.

S&P Global's segments saw their revenues increase from the year-ago period. Revenue for Ratings increased 3% on a year-over-year basis to $801 million from $775 million. Market Intelligence revenues recorded an 8% increase to $487 million from $449 million. Revenue for Platts saw a 4% increase to $213 million from $205 million. And Indices revenues saw the biggest increase at 14%, increasing to $235 million from $207 million.

The company said strong U.S. high-yield issuance was a key contributor to the increase in second-quarter Ratings revenues. The company credited the year-over-year increase in Market Intelligence revenues to growth in its credit risk solutions, data management solutions and in Desktop, while Dow Jones Indices revenues grew primarily due to increases in asset-linked fees and data and custom subscriptions. Platts revenues increased due to growth in its core subscription business and global trading services.

S&P Global's total revenue for the second quarter stood at $1.70 billion, a 6% increase from the year-ago figure of $1.61 billion. Expenses for the quarter declined 5% on a year-over-year basis to $891 million from $937 million.

S&P Global also increased its full-year 2019 outlook for GAAP EPS and non-GAAP EPS. It is now expecting full-year GAAP EPS of $8.20 to $8.35, an increase from $8.16 to $8.36. Non-GAAP EPS is now expected to be between $9.10 and $9.25, an increase from the previous range of $8.95 to $9.15.

The S&P Global Market Intelligence consensus normalized EPS estimate for the year is $9.04.