Moody's Corp. reported second-quarter net income attributable to shareholders of $376.2 million, or $1.94 per share, compared to $312.2 million, or $1.61, in the year-ago quarter.
Adjusted net income for the recent quarter was $397.3 million, or $2.04 per share, compared to $299.7 million, or $1.55 per share, in the year-ago quarter. The recent quarter's adjusted earnings excludes 10 cents per share related to amortization of acquired intangible assets and acquisition-related expenses.
The S&P Capital IQ consensus estimate for normalized EPS for the second quarter was $1.89.
Second-quarter revenue totaled $1.18 billion, up from $1.00 billion a year ago. This growth reflected Moody's Analytics' strong performance and was driven by contribution from Bureau van Dijk and record revenue for Moody's Investors Service, said President and CEO Raymond McDaniel.
Total expenses were $641.1 million for the second quarter of 2018, up from the previous year's expenses of $540.4 million.
During the second quarter, Moody's repurchased $200,000 shares at a a total cost of $37.6 million. As of June 30, the company had approximately $450 million of share repurchase authority remaining.
Moody's expects full-year 2018 revenue to increase in the high-single-digit percent range. Operating expenses are projected to increase in the high-single-digit percent range.