McGraw Hill Financial Reports 2nd Quarter Results - 100.7 Jack FM San Diego Radio & DSC- sandiegojack

McGraw Hill Financial Reports 2nd Quarter Results

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SOURCE McGraw Hill Financial, Inc.

Revenue Increased 8% (9% Organic)

Diluted EPS from Continuing Operations Increased 18% to $1.06

Adjusted Diluted EPS from Continuing Operations Increased 15% to $1.06

2014 Adjusted Diluted EPS Guidance Increased to a Range of $3.80 to $3.90

NEW YORK, July 29, 2014 /PRNewswire-FirstCall/ -- McGraw Hill Financial, Inc. (NYSE: MHFI) today reported second quarter 2014 results with revenue of $1.35 billion, an increase of 8% compared to the same period last year.  Taking into consideration the sale of Aviation Week as well as the sale of Financial Communications and the shutdown of several small products within S&P Capital IQ, organic revenue increased 9%.  Net income and diluted earnings per share from continuing operations were $292 million and $1.06, respectively. 

Adjusted net income from continuing operations increased 14% to $292 million and adjusted diluted earnings per share from continuing operations increased 15% to $1.06.  The adjustments were in the  second quarter of 2013 and included costs necessary to establish the separation of McGraw-Hill Education.  There were no adjustments in the second quarter of 2014.

"Revenue growth was led by Standard & Poor's Ratings Services and J.D. Power, each with double-digit growth.  Platts, S&P Capital IQ, and S&P Dow Jones Indices all contributed high-single digit growth.  The strong performance across all of our business units exemplifies what an outstanding portfolio of assets McGraw Hill Financial possesses," said Douglas L. Peterson, President and Chief Executive Officer of McGraw Hill Financial. "In addition, the Company delivered adjusted diluted EPS growth of 15% despite facing the most difficult EPS comparison of the year in the second quarter."

The Outlook:  Based upon the strong results in the quarter, and its view of the second half of the year, the Company is increasing its adjusted earnings per share guidance by $0.05 to a range of $3.80 to $3.90.

Standard & Poor's Ratings Services:  Quarterly revenue increased 11% to $664 million compared to the same period last year.  Revenue growth was driven by increased market demand for the Company's ratings as revenue from both global bond issuance and bank loan ratings experienced double-digit growth.

Transaction revenue increased 14% to $327 million compared to the same period last year.  This was primarily driven by strong investor demand for high-yield debt as well as increased debt issuance by financial service firms bolstering their capital reserves to meet regulatory requirements.  Bank loan ratings revenue continued to show strength with a 19% increase.

Non-transaction revenue increased 8% in the quarter and represented 51% of Standard & Poor's Ratings Services' total revenue compared to 52% for the same period last year.  Non-transaction growth was driven primarily by annual fees as Standard & Poor's Ratings continues to expand its client coverage, as well as Rating Evaluation Service revenue.  

Domestic revenue increased 10% and international revenue increased 12%.  Foreign exchange rates had a negligible impact on results. International revenue represented 46% of Standard & Poor's Ratings Services' total second-quarter revenue.

Expenses in the quarter increased 8% primarily due to increased legal expenses as key court cases progressed and increased compensation expense.

Operating profit increased 15% to $308 million with an operating profit margin of 46%.

S&P Capital IQ:  Revenue increased 7% to $307 million in the second quarter of 2014 compared to the same period last year.  Excluding previous portfolio rationalization, organic revenue growth was 8%.  Operating profit increased 10% to $54 million

The two largest pieces of the business unit -- S&P Capital IQ Desktop & Enterprise Solutions and S&P Credit Solutions -- contributed the majority of the growth.

S&P Capital IQ's international revenue increased 9% to $106 million in the second quarter and represented 35% of the business unit's total revenue.

Product rollouts continue with a wave of new desktop capabilities that are all targeted to be launched before year-end.  After introducing Credit Analytics in February, the Company released PresCenter in July.  PresCenter is a productivity tool that embeds Microsoft Office® products within the S&P Capital IQ desktop platform to allow seamless links between data and presentations.  Its "quick keys" feature can be customized and its "autocheck" function ensures compliance with corporate design guidelines.  PresCenter streamlines pitchbook creation and ensures consistency with changes in source data.

S&P Dow Jones Indices:  Revenue increased 8% to $133 million in the second quarter of 2014 compared to the same period last year.  Expenses increased 10% driven by compensation and the timing of marketing costs.  Quarterly operating profit increased 6% to $82 million.  Quarterly operating profit attributable to the Company increased 5% to $60 million.

Revenue increased primarily due to growth in exchange-traded funds and mutual fund licensing revenue, offset somewhat by a decline in derivative trading licensing revenue due to subdued trading volumes.  Assets under management in exchange-traded funds based on the S&P Dow Jones Indices increased 32% to a record $719 billion at the end of the quarter.  Trading volume of the exchange-traded derivatives generally declined; notably, the SPX (S&P 500 Index) and E-mini S&P 500 futures decreased 13% and 26%, respectively.

Commodities & Commercial Markets:  Revenue increased 1% to $263 million.  Operating profit was unchanged at $83 million in the second quarter compared to the same period last year.  Excluding the impact of the sale of Aviation Week in 2013, revenue increased 8% and operating profit increased approximately 6%.

Platts continued to experience steady revenue growth, delivering a 9% increase to $149 million for the period.  During the quarter, Platts' price assessment and market data subscriptions continued to deliver double-digit revenue growth while Global Trading Services licensing revenue decreased due to weaker trading volumes for natural gas and petroleum.

Commercial Markets' revenue decreased 7%; however, organic revenue grew 7% excluding the sale of Aviation Week as growth was led by J.D. Power which delivered double-digit gains.

The Company continues to evaluate strategic alternatives for McGraw Hill Construction.

Unallocated Expense:  Unallocated expense includes corporate center functions and certain specific non-performance related items.  Adjusted unallocated expense increased by 31% to $41 million in the second quarter due to a non-cash impairment charge associated with the pending sale of the corporate aircraft as well as a one-time expense associated with the sale of the Company's data center in East Windsor, New Jersey.

Share Repurchase:  During the quarter, the Company repurchased approximately 2.2 million shares bringing the year-to-date total to 4.4 million shares.  The Company now has approximately 45.6 million shares remaining under the existing authorization from the Board of Directors.

Balance Sheet and Cash Flow:  Cash and equivalents at the end of the second quarter were $1.6 billion, up slightly from the end of 2013.  In the first six months of the year, free cash flow from continuing operations was $392 million, an increase of $247 million from the same period in 2013. The increase was impacted by the timing of tax payments. 

Comparison of Adjusted Information to U.S. GAAP Information:  Adjusted diluted earnings per share, adjusted diluted earnings per share from continuing operations, adjusted net income, adjusted operating profit, adjusted unallocated expense, and free cash flow are non-GAAP financial measures contained in this earnings release that are derived from the Company's continuing operations.  This information is provided in order to allow investors to make meaningful comparisons of the Company's operating performance between periods and to view the Company's business from the same perspective as Company management.  These non-GAAP measures may be different than similar measures used by other companies.  Reconciliations for the differences between non-GAAP measures used in this earnings release and comparable financial measures calculated in accordance with U.S. GAAP are attached as Exhibits 5 and 8.

Conference Call/Webcast Details:  The Company's senior management will review the second quarter earnings results on a conference call scheduled for this morning, July 29, 2014, at 8:30 a.m. EDT.  This call is open to all interested parties.  Discussions may include forward-looking information.  Additional information presented on the conference call may be made available on the Company's Investor Relations Website at http://investor.mhfi.com.

The Webcast will be available live and in replay at
http://investor.mcgraw-hill.com/phoenix.zhtml?c=96562&p=irol-EventDetails&EventId=5164936. (Please copy and paste URL into Web browser.)

Telephone access is available.  Domestic participants may call (888) 391-6568; international participants may call +1 (415) 228-4733 (long distance charges will apply).  The passcode is "MHFI" and the conference leader is Douglas Peterson.  A recorded telephone replay will be available approximately two hours after the meeting concludes and will remain available until August 29, 2014.  Domestic participants may call (866) 501-2973; international participants may call +1 (203) 369-1832 (long distance charges will apply).  No passcode is required.

The forward-looking statements in this news release involve risks and uncertainties and are subject to change based on various important factors, including worldwide economic, financial, liquidity, political and regulatory conditions; the health of debt (including U.S. residential mortgage-backed securities and collateralized debt obligations) and equity markets, including possible future interest rate changes; the health of the economy; the successful marketing of competitive products; and the effect of competitive products and pricing.

About McGraw Hill Financial:  McGraw Hill Financial is a leading financial intelligence company providing the global capital and commodity markets with independent benchmarks, credit ratings, portfolio and enterprise risk solutions, and analytics. The Company's iconic brands include Standard & Poor's Ratings Services, S&P Capital IQ, S&P Dow Jones Indices, Platts, CRISIL, J.D. Power and McGraw Hill Construction. The Company has approximately 17,000 employees in 29 countries. Additional information is available at www.mhfi.com.

Investor Relations:  http://investor.mhfi.com

Get news direct from McGraw Hill Financial via RSS:
http://investor.mhfi.com/phoenix.zhtml?c=96562&p=rssSubscription&t=&id=&

* * *

Contact:

Investor Relations:
Chip Merritt
Vice President, Investor Relations
(212) 512-4321 (office)
chip.merritt@mhfi.com

News Media:
Jason Feuchtwanger
Director, Corporate Media Relations
(212) 512-3151 (office)
jason.feuchtwanger@mhfi.com 

 

 



Exhibit 1


McGraw Hill Financial
Condensed Consolidated Statements of Income
Three and six months ended June 30, 2014 and 2013
(dollars in millions, except per share data)


(unaudited)

Three Months

Six Months



2014


2013


%
Change



2014


2013


%
Change

















Revenue


$

1,346


$

1,250


8%



$

2,581


$

2,431


6%


Expenses


851


814


5%



1,656


1,717


(4)%


Other loss


9


-


N/M



9


-


N/M


Operating profit (a)


486


436


12%



916


714


28%


Interest expense, net


14


16


(10)%



28


31


(10)%


Income from continuing operations
   before taxes on income


472


420


12%



888


683


30%


Provision for taxes on income


156


147


6%



298


236


26%


Income from continuing operations


316


273


16%



590


447


32%


Income (loss) from discontinued operations


-


4


N/M



-


(27)


N/M


Gain on sale of discontinued operations


-


-


N/M



-


612


N/M


Discontinued operations, net of tax


-


4


N/M



-


585


N/M


Net income


316


277


14%



590


1,032


(43)%


Less: net income attributable to noncontrolling
   interests - continuing


(24)


(23)


3%



(50)


(44)


14%


Less: net loss attributable to noncontrolling
   interests - discontinued


-


-


N/M



-


1


N/M


Net income attributable to McGraw Hill
   Financial, Inc.


$

292


$

254


15%



$

540


$

989


(45)%

















Amounts attributable to McGraw Hill
   Financial, Inc. common shareholders:















Income from continuing operations


$

292


$

250


17%



$

540


$

403


34%


Income from discontinued operations


-


4


N/M



-


586


N/M


Net income


$

292


$

254


15%



$

540


$

989


(45)%

















Earnings per share attributable to
   McGraw Hill Financial, Inc. common
   shareholders:















Income from continuing operations:















Basic


$

1.08


$

0.91


18%



$

1.99


$

1.45


37%


Diluted


$

1.06


$

0.90


18%



$

1.95


$

1.43


36%


Income from discontinued operations:















Basic


$

-


$

0.01


N/M



$

-


$

2.11


N/M


Diluted


$

-


$

0.01


N/M



$

-


$

2.08


N/M


Net income:















Basic


$

1.08


$

0.93


16%



$

1.99


$

3.57


(44)%


Diluted


$

1.06


$

0.91


16%



$

1.95


$

3.52


(44)%

















Weighted-average number of common shares
   outstanding:















Basic


271.5


274.3





271.7


277.4




Diluted


276.1


278.3





276.7


281.3




















N/M - not meaningful

Note - % change in the tables throughout the exhibits are calculated off of the actual number, not the rounded number presented.



(a)

The three and six months ended June 30, 2013 include costs necessary to enable the separation of MHE and reduce our cost structure of $10 million and $54 million, respectively. The six months ended June 30, 2013 also includes pre-tax legal settlements of approximately $77 million.

 

 



Exhibit 2


McGraw Hill Financial
Condensed Consolidated Balance Sheets
June 30, 2014 and December 31, 2013
(dollars in millions)


(unaudited)


June 30,



December 31,




2014



2013









Assets:







Cash and equivalents


$

1,617



$

1,542


Other current assets


1,376



1,394


Total current assets


2,993



2,936


Property and equipment, net


209



249


Goodwill and other intangible assets, net


2,440



2,445


Asset for pension benefits


230



261


Other non-current assets


185



170


Total assets


$

6,057



$

6,061









Liabilities and Equity:







Unearned revenue


$

1,322



$

1,309


Other current liabilities


930



1,063


Long-term debt


799



799


Pension, other postretirement benefits and other non-current liabilities


707



736


Total liabilities


3,758



3,907


Redeemable noncontrolling interest


810



810


Total equity


1,489



1,344


Total liabilities and equity


$

6,057



$

6,061









 

 



Exhibit 3


McGraw Hill Financial
Condensed Consolidated Statements of Cash Flows
Six months ended June 30, 2014 and 2013
(dollars in millions)










(unaudited)


2014



2013









Operating Activities:







Income from continuing operations


$

590



$

447


Adjustments to reconcile income from operations to cash provided by operating
   activities from continuing operations:







Depreciation


42



45


Amortization of intangibles


24



25


Stock-based compensation


48



47


Other


22



27


Net changes in operating assets and liabilities


(267)



(365)


Cash provided by operating activities from continuing operations


459



226









Investing Activities:







Capital expenditures


(37)



(43)


Acquisitions, net of cash acquired


(16)



-


Other


1



-


Cash used for investing activities from continuing operations


(52)



(43)









Financing Activities:







Repayments of short-term debt, net


-



(457)


Dividends paid to shareholders


(163)



(156)


Dividends and other payments paid to noncontrolling interests


(30)



(38)


Repurchase of treasury shares


(362)



(500)


Exercise of stock options, excess tax benefits from share-based payments and other


204



107


Cash used for financing activities from continuing operations


(351)



(1,044)


Effect of exchange rate changes on cash from continuing operations


19



(36)


Cash provided by (used for) continuing operations


75



(897)


Cash provided by discontinued operations


-



2,037


Net change in cash and equivalents


75



1,140


Cash and equivalents at beginning of period


1,542



760


Cash and equivalents at end of period


$

1,617



$

1,900









 

 



Exhibit 4


McGraw Hill Financial
Operating Results
Three and six months ended June 30, 2014 and 2013
(dollars in millions)


(unaudited)

Three Months

Six Months


















Revenue



Revenue



















2014


2013


% Change



2014


2013


% Change

















S&P Ratings Services


$

664


$

599


11%



$

1,233


$

1,161


6%


S&P Capital IQ


307


287


7%



608


575


6%


S&P Dow Jones Indices


133


123


8%



269


238


13%


Commodities & Commercial Markets


263


259


1%



514


496


4%


Intersegment Elimination


(21)


(18)


(10)%



(43)


(39)


(11)%


Total revenue


$

1,346


$

1,250


8%



$

2,581


$

2,431


6%


































 Expenses



 Expenses



















2014


2013


% Change



2014


2013


% Change

















S&P Ratings Services


$

356


$

331


8%



$

685


$

644


7%


S&P Capital IQ


253


238


6%



501


476


5%


S&P Dow Jones Indices


51


46


10%



95


97


(2)%


Commodities & Commercial Markets


180


176


2%



355


353


1%


Intersegment Elimination


(21)


(18)


(10)%



(43)


(39)


(11)%


Total expenses


$

819


$

773


6%



$

1,593


$

1,531


4%


































Operating Profit



Operating Profit



















2014


2013


% Change



2014


2013


% Change

















S&P Ratings Services


$

308


$

268


15%



$

548


$

517


6%


S&P Capital IQ


54


49


10%



107


99


8%


S&P Dow Jones Indices


82


77


6%



174


141


23%


Commodities & Commercial Markets


83


83


-%



159


143


12%


Total operating segments


527


477


10%



988


900


10%


Unallocated expense (a)


(41)


(41)


(1)%



(72)


(186)


(61)%


Total operating profit


$

486


$

436


12%



$

916


$

714


28%



















(a)

The three and six months ended June 30, 2013 include costs necessary to enable the separation of MHE and reduce our cost structure of $10 million and $54 million, respectively. The six months ended June 30, 2013 also includes pre-tax legal settlements of approximately $77 million.

 

 


Exhibit 5


McGraw Hill Financial
Operating Results - Reported vs. Performance
Three and six months ended June 30, 2014 and 2013
(dollars in millions, except per share amounts)



Three Months

(unaudited)


2014



2013



% Change




Reported



Reported


Non-GAAP
Adjustments


Performance



Reported


Performance


















S&P Ratings Services


$

308



$

268


$

-


$

268



15%


15%


S&P Capital IQ


54



49


-


49



10%


10%


S&P Dow Jones Indices


82



77


-


77



6%


6%


Commodities & Commercial Markets


83



83


-


83



-%


-%


Segment operating profit


527



477


-


477



10%


10%


Unallocated expense


(41)



(41)


10

(a)

(31)



(1)%


31%


Operating profit


486



436


10


446



12%


9%


Interest expense, net


14



16


-


16



(10)%


(10)%


Income before taxes on income


472



420


10


430



12%


10%


Provision for taxes on income


156



147


3


150



6%


4%


    Income from continuing operations


316



273


7


280



16%


13%


Income from discontinued operations


-



4


(4)


-



N/M


-%


Net income


316



277


3


280



14%


13%


Less: NCI net income - continuing


(24)



(23)


-


(23)



3%


3%


Net income - continuing


292



250


7


257



17%


14%


Net income - discontinued


-



4


(4)


-



N/M


N/M


Net income attributable to MHFI


$

292



$

254


$

3


$

257



15%


14%


















Diluted EPS - continuing


$

1.06



$

0.90


$

0.02


$

0.92



18%


15%


Diluted EPS - total


$

1.06



$

0.91


$

0.01


$

0.92



16%


15%



















Six Months

(unaudited)


2014



2013



% Change




Reported



Reported


Non-GAAP
Adjustments


Performance



Reported


Performance






















S&P Ratings Services


$

548



$

517


$

-


$

517



6%


6%


S&P Capital IQ


107



99


-


99



8%


8%


S&P Dow Jones Indices


174



141


-


141



23%


23%


Commodities & Commercial Markets


159



143


-


143



12%


12%


Segment operating profit


988



900


-


900



10%


10%


Unallocated expense


(72)



(186)


131

(a)

(55)



(61)%


29%


Operating profit


916



714


131


845



28%


8%


Interest expense, net


28



31


-


31



(10)%


(10)%


Income before taxes on income


888



683


131


814



30%


9%


Provision for taxes on income


298



236


49


285



26%


4%


Income from continuing operations


590



447


82


529



32%


12%


Income from discontinued operations


-



585


(585)


-



N/M


N/M


Net income


590



1,032


(503)


529



(43)%


12%


Less: NCI net income - continuing


(50)



(44)


-


(44)



14%


14%


Less: NCI net loss - discontinued


-



1


(1)


-



N/M


N/M


Net income - continuing


540



403


82


485



34%


11%


Net income - discontinued


-



586


(586)


-



N/M


N/M


Net income attributable to MHFI


$

540



$

989


$

(504)


$

485



(45)%


11%


















Diluted EPS - continuing


$

1.95



$

1.43


$

0.29


$

1.72



36%


13%


Diluted EPS - total


$

1.95



$

3.52


$

(1.79)


$

1.72



(45)%


13%





N/M - not meaningful


Note - Totals presented may not sum due to rounding





(a)

The three and six months ended June 30, 2013 include costs necessary to enable the separation of MHE and reduce our cost structure of $10 million and $54 million, respectively. The six months ended June 30, 2013 also includes pre-tax legal settlements of approximately $77 million.

 

 



Exhibit 6


McGraw Hill Financial
Subscription / Non-Transaction vs. Non-Subscription / Transaction Revenue
Three and six months ended June 30, 2014 and 2013
(dollars in millions)


(unaudited)


Subscription / Non-Transaction



Non-Subscription / Transaction




2014


2013


% Change



2014


2013


% Change



















Three Months


S&P Ratings Services (a)


$

337


$

312


8%



$

327


$

287


14%


S&P Capital IQ (b)


278


260


7%



29


27


9%


S&P Dow Jones Indices (c)


28


26


8%



105


97


8%


Commodities Markets (d)


136


123


11%



13


14


(8)%


Commercial Markets (e)


37


40


(8)%



77


82


(6)%


Intersegment elimination


(21)


(18)


10%



-


-




Total revenue


$

795


$

743


7%



$

551


$

507


9%



















Six Months


S&P Ratings Services (a)


$

661


$

610


8%



$

572


$

551


4%


S&P Capital IQ (b)


552


520


6%



56


55


3%


S&P Dow Jones Indices (c)


54


51


5%



215


187


15%


Commodities Markets (d)


271


242


12%



26


25


2%


Commercial Markets (e)


75


81


(8)%



142


148


(3)%


Intersegment elimination


(43)


(39)


11%



-


-




Total revenue


$

1,570


$

1,465


7%



$

1,011


$

966


5%



















(a)

Non-transaction revenue is primarily related to annual fees for frequent issuer programs and surveillance, while transaction revenue is related to ratings of publicly issued debt, bank loan ratings and corporate credit estimates. Non-transaction revenue also includes an intersegment revenue elimination which mainly consists of the royalty of $19 million and $38 million for the three and six months ended June 30, 2014, respectively, and $18 million and $35 million for the three and six months ended June 30, 2013, respectively, charged to S&P Capital IQ for the rights to use and distribute content and data developed by S&P Ratings Services.



(b)

Subscription revenue is related to credit ratings-related information products, S&P Capital IQ Desktop, investment research products and other data subscriptions, while non-subscription revenue is related to certain advisory, pricing and analytical services.



(c)

Subscription revenue is related to data subscriptions, which support index fund management, portfolio analytics and research, while non-subscription revenue relates to fees based on assets underlying exchange-traded funds, as well as certain advisory, pricing and analytical services.



(d)

Subscription revenue is related to Platts real-time news, market data, and price assessments, along with other print and digital information products, while non-subscription revenue is related to licensing of its proprietary market price data and price assessments to commodity exchanges, conference sponsorship, consulting engagements and events.



(e)

Subscription revenue is related to print and digital information products primarily serving automotive and construction markets, while non-subscription revenue is related to syndicated and proprietary research studies, advertising, consulting engagements and events.

 

 


Exhibit 7


McGraw Hill Financial
Domestic vs. International Revenue
Three and six months ended June 30, 2014 and 2013
(dollars in millions)


(unaudited)


Domestic


International



2014


2013


% Change



2014


2013


% Change



















Three Months


S&P Ratings Services


$

356


$

323


10%



$

308


$

276


12%


S&P Capital IQ


201


190


6%



106


97


9%


S&P Dow Jones Indices


105


99


7%



28


24


13%


Commodities Markets


58


55


7%



91


82


10%


Commercial Markets


85


92


(9)%



29


30


(1)%


Intersegment elimination


(11)


(9)


13%



(10)


(9)


6%


Total revenue


$

794


$

750


6%



$

552


$

500


10%



















Six Months


S&P Ratings Services


$

661


$

637


4%



$

572


$

524


9%


S&P Capital IQ


400


380


5%



208


195


6%


S&P Dow Jones Indices


213


187


14%



56


51


11%


Commodities Markets


115


104


11%



182


163


11%


Commercial Markets


162


174


(7)%



55


55


2%


Intersegment elimination


(23)


(21)


18%



(20)


(18)


5%


Total revenue


$

1,528


$

1,461


4%



$

1,053


$

970


9%

















 

 


Exhibit 8


McGraw Hill Financial
Non-GAAP Financial Information
Three and six months ended June 30, 2014 and 2013
(dollars in millions)


Computation of Free Cash Flow



(unaudited)


2014


2013



Cash provided by operating activities from continuing operations


$

459

$

226


Capital expenditures


(37)

(43)


Dividends and other payments paid to noncontrolling interests


(30)

(38)


Free Cash Flow


$

392

$

145










McGraw Hill Financial Organic Revenue


(unaudited)


Three Months



Six Months




2014


2013


% Change



2014


2013


% Change


Total revenue


$

1,346


$

1,250


8%



$

2,581


$

2,431


6%


Aviation Week


-


(16)





-


(24)




S&P Capital IQ product closures and
   divestitures


(1)


(4)





(2)


(10)




Total Adjusted Revenue


$

1,345


$

1,230


9%



$

2,579


$

2,397


8%


















Adjusted S&P Capital IQ Revenue


(unaudited)


Three Months



Six Months




2014


2013


% Change



2014


2013


% Change


S&P Capital IQ


$

307


$

287


7%



$

608


$

575


6%


Product closures and divestitures


(1)


(4)





(2)


(10)




Adjusted S&P Capital IQ


$

306


$

283


8%



$

606


$

565


7%


















Adjusted Commodities & Commercial Markets Revenue and Operating Profit


(unaudited)


Three Months



Six Months




2014


2013


% Change



2014


2013


% Change


C&C Revenue


$

263


$

259


1%



$

514


$

496


4%


Aviation Week


-


(16)





-


(24)




Adjusted C&C Revenue


$

263


$

243


8%



$

514


$

472


9%

















Commercial Markets Revenue


$

114


$

122


(7)%



$

217


$

229


(5)%


Aviation Week


-


(16)





-


(24)




Adjusted Commercial Revenue


$

114


$

106


7%



$

217


$

205


6%

















C&C Operating Profit


$

83


$

83


-%



$

159


$

143


12%


Aviation Week


-


(5)





-


(2)




Adjusted C&C Operating Profit


$

83


$

78


6%



$

159


$

141


14%


















Adjusted S&P Dow Jones Indices Net Operating Profit


(unaudited)


Three Months



Six Months




2014


2013


% Change



2014


2013


% Change


Operating profit


$

82


$

77


6%



$

174


$

141


23%


Operating profit attributable to
   noncontrolling interests


22


20





46


38




Adjusted Net Operating Profit


$

60


$

57


5%



$

128


$

103


24%

















 

 

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