 "Wall Street")
Financial information company S&P Global raised its annual profit forecast on Thursday and beat Wall Street estimates for third-quarter profit on strong demand for its data and analytics products.
WHY IT'S IMPORTANT
Expectations of further interest-rate cuts kept investors confident in the health of the U.S. economy and boosted demand for market-related analytical tools for better investment choices, helping firms such as S&P Global and Moody's.
BY THE NUMBERS
S&P Global now expects its 2024 adjusted earnings per share between $15.10 and $15.30, compared with the prior view of $14.35 to $14.60.
Also Read
 "Flight, plane, Airplane")
 "Indian conglomerates -- including prominent names such as Reliance Industries, and the Adani, Tata, and JSW groups -- are gearing up for an investment of $800 billion over the next decade, nearly trebling their spending compared to the previous 10 ye")
 "NBFC")
 "gdp growth economy economic")
 "Indian economy, Indian people, Indian population, union budget 2024")
The company reported an adjusted profit of $1.21 billion, or $3.89 per share, in the three months ended Sept. 30, up from $1.02 billion, or $3.21, a year earlier.
Analysts on average estimated an adjusted profit of $3.64 per share, according to data compiled by LSEG.
The market intelligence unit, S&P Global's biggest segment in terms of revenue that provides data and analytics, posted a 6 per cent rise in its third-quarter revenue of $1.16 billion from a year ago.
Revenue from the company's ratings segment, which provides credit ratings, research and analytics to investors, rose 36 per cent to $1.11 billion.
The company's mobility business, which focuses on vehicle, market and consumer data for original equipment manufacturers, reported a 9 per cent rise in quarterly revenue.
S&P Global's total third-quarter revenue increased 16 per cent to $3.58 billion.
CONTEXT
The New York-based company provides credit ratings, benchmarks, analytics and workflow solutions in the global capital, commodity and automotive markets.
S&P Global Ratings had agreed to pay $20 million in civil penalties to settle U.S. Securities and Exchange Commission charges for breaking record-keeping rules, Reuters reported in September.
Peer Moody's Corp on Tuesday also reported a rise in third-quarter profit on the back of strong product demand.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
 "María Corina Machado and Edmundo González Urrutia")
 "Putin, Russian President, Vladimir Putin")
 "Climate Change")
 "Hindustan Uniliver, HUL")
 "Elon Musk")
