IHS Markit (INFO) Tops Q2 EPS by 2c

IHS Markit (NASDAQ: INFO) reported Q2 EPS of $0.69, $0.02 better than the analyst estimate of $0.67. Revenue for the quarter came in at $1.02 billion versus the consensus estimate of $1.06 billion.

• Revenue of $1.027 billion, including total organic revenue growth of negative 7 percent, or negative 3 percent adjusted for the events cancellation
• Net income of $71 million and diluted earnings per share (EPS) of $0.18
• Adjusted EBITDA of $454 million and Adjusted earnings per diluted share (Adjusted EPS) of $0.69
• Cash flow from operations of $278 million and free cash flow of $209 million

Second Quarter 2020 Operating Performance

Segment results were as follows (additional segment information is included later in this release):

• Financial Services. Second quarter revenue for Financial Services increased $11 million, or 2 percent, to $444 million, and included 3 percent total organic growth. Second quarter Adjusted EBITDA for Financial Services increased $26 million, or 13 percent, to $231 million.
• Transportation. Second quarter revenue for Transportation decreased $75 million, or 24 percent, to $243 million, and included negative 18 percent total organic growth. Second quarter Adjusted EBITDA for Transportation decreased $35 million, or 26 percent, to $102 million.
• Resources. Second quarter revenue for Resources decreased $30 million, or 12 percent, to $219 million, and included negative 14 percent total organic growth. Second quarter Adjusted EBITDA for Resources decreased $13 million, or 12 percent, to $96 million.
• Consolidated Markets & Solutions (CMS). Second quarter revenue for CMS decreased $14 million, or 10 percent, to $121 million, and included 2 percent total organic growth. Second quarter Adjusted EBITDA for CMS increased $6 million, or 19 percent, to $35 million.

“Q2 was a challenging quarter due to the COVID-19 pandemic, but I am very pleased with how the organization responded and how we are positioned to deliver strong results in 2020 and beyond,” said Lance Uggla, chairman and chief executive officer at IHS Markit.

“We are pleased with the speed and level of cost actions taken in the quarter which will help us to protect profit and deliver earnings growth in 2020 with accelerating growth in 2021,” said Jonathan Gear, chief financial officer at IHS Markit.

For earnings history and earnings-related data on IHS Markit (INFO) click here.

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