Thursday was one of those days when S&P Global (SPGI 0.07%) stock performed far better than the top equities index it manages. Following the release of its third-quarter results, the financial information and analysis specialist's share price vaulted 7% higher. By contrast, its S&P 500 index only crawled 1.9% ahead.
S&P Global crushed analyst profitability estimates
S&P Global posted revenue of just over $3.08 billion for the quarter, according to both generally accepted accounting principles (GAAP) and non-GAAP (adjusted) standards. This was 8% higher than its take in the same period last year. Adjusted net income ticked up at a 6% pace to land at slightly more than $1.02 billion, or $3.21 per share.
Both figures topped the consensus analyst estimates, particularly the bottom-line one. On average, prognosticators following S&P Global stock were modeling $3.03 billion for revenue, and only $3.04 per share for adjusted net income.
All five divisions of the company saw revenue improvements. Funnily enough the product it's arguably best known for, indexes, turned in the lowest year-over-year growth figure at 6%. The leader in this regard was mobility, which saw its take rise by 20% to $819 million for the quarter.
Management raised adjusted earnings guidance
S&P Global also raised its full-year guidance for adjusted net income. Due to higher profit margins and an anticipated lower tax rate, it has reset its range to $8.75 to $8.90 per share; previously it was expecting $8.65 to $8.85. Meanwhile the company reiterated its revenue growth estimate of 10% to 12% over the 2022 tally.
