Travelers headed for a Disney
Since Moody's separated from Dun & Bradstreet
When the company reported second-quarter results yesterday, it was more good news. Revenue increased 14%, and operating income was up 13%.
The company also expects the good news to continue through 2004. Income is projected to be up in the "high single digits." That is shorthand for saying the business will continue to grow, but at a slower rate. On the other hand, the company expects earnings to be in the "high single digits to low double digits." That's shorthand for continued strong earnings growth.
Since becoming publicly traded in 2000, the company has used $1.1 billion to repurchase 25.9 million of its shares -- an average share price of roughly $42.50. With a share of stock at $65 and change, share repurchases have proven to be an excellent way to build shareholder value. Wonderful, isn't it?
Those enjoying the wonder include legendary investor Warren Buffett's Berkshire Hathaway
Moody's quarterly results do not lose their luster when compared with the competition. For Fitch, a subsidiary of French giant Fimalac, revenue increased a scant 4.4%. At McGraw-Hill
When Tom Gardner made Moody's his very first Motley Fool Stock Advisor newsletter recommendation, he expected the company to produce solid growth year after year. That's wonderful if you can get it -- and that is exactly what Moody's has delivered.
Fool contributor W.D. Crotty owns stocks in Disney and lives close enough to Orlando to call MCO (the airport) home.
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