Moody’s Corp MCO stock slid after reporting third-quarter results.

The company reported quarterly adjusted earnings per share of $3.21, beating the street view of $2.86. Quarterly sales of $1.81 billion, up by 23% year-on-year, beating the street view of $1.7 billion.

Moody’s Analytics revenue grew 7% from the prior-year period. Moody’s Investors Service (MIS) achieved 41% revenue growth from the prior year.

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The company’s adjusted operating margin was 47.8%, up 320 basis points from the prior-year period.

“This was a fantastic quarter for Moody’s, with revenue increasing 23%. MIS transactional revenue grew 70%, outpacing issuance growth of 51% and driving a 29% increase in operating cash flow. As a result of this remarkable performance, we are raising our adjusted diluted EPS guidance and narrowing the range to $11.90 to $12.10.” : CFO Noémie Heuland.

Outlook: Moody’s Corp raised its fiscal 2024 adjusted EPS outlook to $11.90-$12.10 (prior $11.00-$11.40) versus the $11.69 estimate.

The company projects revenues to increase in the high-teens percent range (prior low-teens percent range).

Moody’s Corp stock gained 58% in the last 12 months.

Price Action: MCO stock is down 1.12% to $481.50 premarket at last check Tuesday.

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