2024-02-08 12:26:03 ET
S&P Global Inc. (SPGI)
Q4 2023 Earnings Conference Call
February 8, 2024 08:30 AM ET
Company Participants
Mark Grant - Senior Vice President of Investor Relations
Doug Peterson - President & Chief Executive Officer
Ewout Steenbergen - Executive Vice President & Chief Financial Officer
Adam Kansler - President, S&P Global Market Intelligence
Martina Cheung - President, S&P Global Ratings
Conference Call Participants
Faiza Alwy - Deutsche Bank
Manav Patnaik - Barclays
Alex Hess - JPMorgan
Alex Kramm - UBS
Ashish Sabadra - RBC Capital Markets
Scott Wurtzel - Wolfe Research
Jeff Silber - BMO Capital Markets
George Tong - Goldman Sachs
Craig Huber - Huber Research Partners
John Mazzoni - Wells Fargo
Jeff Meuler - Baird
Russell Quelch - Redburn Atlantic
Adam Parrington - Stifel
Owen Lau - Oppenheimer
Presentation
Operator
Good morning, and welcome to S& P Global's Fourth Quarter and Full Year 2023 Earnings Conference Call. I'd like to inform you that this call is being recorded for broadcast. All participants are in a listen-only mode. We will open the conference to questions and answers after the presentation and instruction will follow at that time. To access the webcast and slides, go to investor.spglobal.com. [Operator Instructions]
I would now like to introduce Mr. Mark Grant, Senior Vice President of Investor Relations for S&P Global. Sir, you may begin.
Mark Grant
Good morning and thank you for joining today's S&P Global fourth quarter and full year 2023 earnings call. Presenting on today's call are Doug Peterson, President and Chief Executive Officer; and Ewout Steenbergen, Executive Vice President and Chief Financial Officer. For the Q&A portion of today's call, we will also be joined by Adam Kansler, President of S&P Global Market Intelligence; and Martina Cheung, President of S&P Global Ratings.
We issued a press release with our results earlier today. In addition, we have posted a supplemental slide deck with additional information on our results and guidance. If you need a copy of the release and financial schedules, or the supplemental deck, they can be downloaded at investor.spglobal.com.
The matters discussed in today's conference call, may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including projections estimates and descriptions of future events. Any such statements are based on current expectations and current economic conditions and are subject to risks and uncertainties that may cause actual results to differ materially from results anticipated in these forward-looking statements.
Additional information concerning these risks and uncertainties can be found in our Forms 10-K and 10-Q filed with the US Securities and Exchange Commission. In today's earnings release and during the conference call, we're providing non-GAAP adjusted financial information. This information is provided to enable investors to make meaningful comparisons of the company's operating performance between periods and to view the company's business from the same perspective as management. The earnings release contains financial measures calculated in accordance with GAAP that corresponds to the non-GAAP measures we're providing and contains reconciliations of such GAAP and non-GAAP measures. The financial metrics we'll be discussing today refer to non-GAAP adjusted metrics unless explicitly noted otherwise.
I would also like to call your attention to certain European regulations. Any investor who has or expects to obtain ownership of 5% or more of S&P Global should contact Investor Relations to better understand the potential impact of this legislation on the investor and the company. We are aware that we have some media representatives with us on the call. However, this call is intended for investors, and we would ask that questions from the media be directed to our Media Relations team whose contact information can be found in the release.
At this time, I would like to turn the call over to Doug Peterson. Doug?
Doug Peterson
Thank you, Mark. 2023 was an exciting year for S&P Global a year of innovation and growth. Our results in 2023 serve as a testament to strong execution and S&P Global's unique position at the center of the global markets. Excluding Engineering Solutions which was divested in the second quarter of last year revenue increased 8% year-over-year.
We expanded adjusted operating margins by almost 300 basis points year-over-year in the fourth quarter to finish the year with approximately 100 basis points of margin expansion and we surpassed our $600 million target for cost synergies by $19 million. We delivered adjusted EPS growth of 13% to come into the high end of our guidance range as we continue to benefit from strong revenue growth, disciplined expense management and a commitment to strong capital returns....
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S&P Global Inc. (SPGI) Q4 2023 Earnings Call Transcript