Moody’s Corporation (NYSE:MCO) announced net income for the third quarter of $ 310.20 million or $ 1.59 per share. The company generated revenue of $ 1.08 billion for the same period. While earnings per share grew 11 percent from the year-ago quarter, revenue advanced 2 percent.
On an adjusted basis, Moody’s Corporation revealed adjusted net income of $ 1.69 a share for the third quarter. This missed analysts estimate by $ 0.09 a share while revenue fell shy of street analysts expectation by $ 44 million.
Street analysts are looking for income of $ 1.78 per share on revenue of $ 1.12 billion for the third quarter. Analysts estimates are from Thomson Reuters, excludes one time gain or loss.
Raymond McDaniel, President and Chief Executive Officer commented, We are reducing our outlook for full year, primarily reflecting our expectation for continued lighter debt issuance into the fourth quarter. In response, we intend to undertake cost management activities, which will result in a fourth quarter restructuring charge of $30 to $40 million and an aggregate charge through the first half of 2019 of $45 to $60 million. We expect this to result in incremental annualized savings of $30 to $40 million going forward.
Looking ahead, Moody’s reduce full year 2018 earnings outlook to a range of $7.50 to $7.65 per share from the previously announced numbers between $7.65 and $7.85 per diluted share.