Earnings from Moody’s and Silgan

We had two earnings reports this morning. First up, Moody’s (MCO) said it made $4.06 per share. That’s up 49% over last year’s Q1. Wall Street had been expecting $2.82 per share.

Sales were up 24% to $1.6 billion. Breaking that down, Moody’s Investors Service was up 30% to $1 billion while Moody’s Analytics was up 14% to $564 million.

Moody’s also raised its full-year earnings range to $11.00 to $11.30 per share. The previous range was $10.30 to $10.70 per share.

“Moody’s performance this quarter demonstrates the increased demand for our integrated risk assessment solutions and insights,” said Rob Fauber, President and Chief Executive Officer of Moody’s. “Strong execution and robust activity, particularly in the leveraged loan and speculative grade bond markets, drove Moody’s Investors Service’s top-line growth. Moody’s Analytics’ performance reflects its strong position in high-growth risk markets, further supported by elevated retention rates, renewable products and an expanding solutions suite. Following our strong results in the first quarter, we are increasing our revenue outlook to high-single-digit percent growth, and raising and narrowing our full year 2021 adjusted diluted EPS guidance range to $11.00 to $11.30.”

Silgan Holdings (SLGN) earned 75 cents per share which was five cents more than estimates. Q1 net sales rose 20.2% to $1.24 billion.

“We are very pleased to report continued record financial performance in the first quarter of 2021, with a 20% increase in sales and a 32% increase in adjusted earnings per diluted share over the previous record first quarter of 2020,” said Tony Allott, Chairman and CEO. “Our businesses exceeded a very strong prior year quarter that had been positively impacted by the initial pantry stocking in response to the global Covid-19 outbreak, and earnings grew solidly despite power and supply chain disruptions associated with winter storms across the southern U.S. and unparalleled increases in resin costs,” continued Mr. Allott.

For Q2, Silgan sees earnings of 75 to 85 cents per share. Wall Street had been expecting 87 cents per share. For all of 2021, the company reiterated its earlier guidance of $3.30 to $3.45 per share. The midpoint is a 10.3% increase over 2020.

Posted by on April 28th, 2021 at 9:10 am


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