S&P Global (SPGI) Tops Q2 EPS by 11c; Guidance Raised
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S&P Global (NYSE: SPGI) reported Q2 EPS of $3.30, $0.11 better than the analyst estimate of $3.19. Revenue for the quarter came in at $2.11 billion versus the consensus estimate of $1.98 billion.
"A year ago we reported exceptional second-quarter results as investment-grade companies capitalized on the opportunity to secure liquidity in the bond market and we cut back on spending to deal with incredible uncertainty. It is remarkable that the financial results that we report today surpassed those of a year ago," said Douglas L. Peterson, President and Chief Executive Officer of S&P Global. "While the pandemic is far from over, markets are normalizing, economies are generally reopening, employment is rising, and GDP is recovering. All these factors bode well for S&P Global as we continue to provide our clients with an ever increasing array of ratings, benchmarks, data and analytics."
Merger Update: S&P Global and IHS Markit continue to progress with merger integration planning. In addition, work with global regulators remains underway and we anticipate closing the transaction in the fourth quarter of 2021.
GUIDANCE:
S&P Global sees adj. FY2021 EPS of $12.95-$13.15, versus the consensus of $12.79. 2021 reported revenue is expected to increase high single-digits. Guidance for free cash flow excluding certain items has also been increased to a new range of $3.5 billion to $3.6 billion.
The Company is not providing 2021 GAAP guidance because given the inherent uncertainty around the merger, management cannot reliably predict all of the necessary components of GAAP measures.
For earnings history and earnings-related data on S&P Global (SPGI) click here.
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