S&P Global Lifts FY24 Outlook After Q2 Beats Estimates; Stock Up In Pre-market

(RTTNews) - Data giant S&P Global, Inc. (SPGI), while reporting higher second-quarter earnings above market estimates, on Tuesday raised its fiscal 2024 outlook for earnings, adjusted earnings and revenue growth.

In pre-market activity on the NYSE, S&P shares were gaining around 3.6 percent to trade at $507.49.

For fiscal 2024, the company now projects earnings in a range of $11.15 to $11.40 per share and adjusted earnings in a range of $14.35 to $14.60 per share on revenue growth of 8 to 10 percent.

Previously, the company expected earnings in a range of of $10.80 to $11.05 per share and adjusted earnings in a range of $13.85 to $14.10 per share on revenue growth of 6 to 8 percent.

On average, 21 analysts polled by Thomson Reuters expect the company to report earnings of $14.33 per share on revenue growth of 8.5 percent to $13.55 billion for the year. Analysts' estimates typically exclude special items.

In its second quarter, S&P's bottom line totaled $1.011 billion, or $3.23 per share. This compares with $511 million, or $1.60 per share, in last year's second quarter.

Adjusted earnings were $1.267 billion or $4.04 per share for the period. Analysts expected the company to earn $3.65 per share.

The company's revenue for the quarter rose 14.4 percent to $3.549 billion from $3.101 billion last year, while the Street was looking for $3.42 billion.

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