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Moody's Corp. (NYSE: MCO) said Wednesday that the company’s second-quarter profit fell 19 percent as the credit markets continued to suffer.
However, the financial figures beat Wall Street estimates and raised its 2009 profit forecast.
Moody's, the owner of Moody's Investor Service, earned $109.3 million, or 46 cents per share, in the three months ended June 30. That is down from $135.2 million, or 54 cents per share, it earned a year earlier.
Excluding one-time costs, Moody's earned 43 cents per share, which is better than the 40 cents per share predicted by analysts in a Thomson Reuters poll.
Revenue fell 7.6 percent to $450.7 million from $487.6 million. Analysts had expected $426.6 million.
The company raised its profit forecast for 2009 to a range of $1.45 to $1.55 per share, from a previous projection of $1.40 to $1.50 per share. Moody's said it based its improved outlook on a stronger performance in the first half and anticipated weakness in business conditions for the rest of the year. Analysts expect 2009 profit of $1.56 per share on revenue of $1.68 billion.
Shares fell $1.24, or 4.5 percent, to $26.38 at Wednesday’s close.
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