2024-07-23 16:07:09 ET
Moody's Corporation (MCO)
Q2 2024 Results Conference Call
July 23, 2024 01:00 PM ET
Company Participants
Shivani Kak - Head of Investor Relations
Rob Fauber - President and Chief Executive Officer
Noemie Heuland - Senior Vice President & Chief Financial Officer
Conference Call Participants
Owen Lau - Oppenheimer & Co.
Andrew Nicholas - William Blair
Greg Parrish - Morgan Stanley
Manav Patnaik - Barclays
Scott Wurtzel - Wolfe Research
Alex Kramm - UBS
Jeffrey Silber - BMO Capital Markets
Andrew Steinerman - JPMorgan
Ashish Sabadra - RBC Capital Markets
George Tong - Goldman Sachs
Craig Huber - Huber Research Partners
Shlomo Rosenbaum - Stifel
Faiza Alwy - Deutsche Bank
Jeffrey Meuler - Baird
Russell Quelch - Redburn Atlantic
Heather Balsky - Bank of America
Presentation
Operator
Good day, everyone, and welcome to the Moody's Corporation Second Quarter 2024 Earnings Call. At this time, I would like to inform you that, this conference is being recorded, and that all participants are in a listen-only mode. At the request of the Company, we will open the conference up for question and answers following the presentation.
I will now turn the call over to Shivani Kak, Head of Investor Relations. Please go ahead.
Shivani Kak
Thank you. Good afternoon, and thank you for joining us today. I'm Shivani Kak, Head of Investor Relations. This morning, Moody's released its results for the second quarter 2024 as well as our revised outlook for select metrics for full year 2024. The earnings press release and the presentation to accompany this teleconference are both available on our website at ir.moodys.com.
During this call, we will also be presenting non-GAAP or adjusted figures. Please refer to the tables at the end of our earnings press release, filed this morning for a reconciliation between all adjusted measures referenced during this call in U.S. GAAP. I call your attention to the safe harbor language, which can be found towards the end of our earnings release. Today's remarks may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995.
In accordance with the act, I also direct your attention to the Management's Discussion & Analysis section and the risk factors discussed in our annual report on Form 10-K for the year ended December 31, 2023, and in other SEC filings made by the company, which are available on our website and on the SEC's website.
These, together with the safe harbor statement, set forth important factors that could cause actual results to differ materially from those contained in any such forward-looking statements. I'd also like to point out that, members of the media may be on the call this morning in a listen-only mode.
I'll now turn the call over to Rob.
Rob Fauber
Thanks, Shivani. Good afternoon, and thanks everybody for joining today's call.
I'm looking forward to talking about this quarter, 22% revenue growth and adjusted operating margin of almost 50% and 43% adjusted diluted EPS growth. That's great stuff. As I have said before, and I'm very proud to say it again, MIS is one of the world's great businesses and when issuance activity ramps up, like it did in the first half of this year and you maintain such a strong position with investors and issuers like we do, as well as our ongoing disciplined approach to costs, we generate a tremendous amount of operating leverage.
For the second quarter, MIS delivered 36% revenue growth and a 63.2% adjusted operating margin, up 730 basis points from the second quarter of last year. Following another consecutive quarter of robust performance, we're again raising our guidance for both revenue growth and margin....
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Moody's Corporation (MCO) Q2 2024 Earnings Call Transcript