Summary
S&P Global Inc. (formerly The McGraw-Hill Companies, Inc.) filed this 8-K on July 29, 2008, to furnish its earnings release for the second quarter ended June 30, 2008. The report highlights that the company reported diluted earnings per share (EPS) of $0.66 for the quarter. While GAAP results were presented, the filing also included non-GAAP supplemental information to provide a clearer view of operational performance. Specifically, the company noted softness in its Financial Services segment, particularly within S&P Credit Market Services, with international revenue declining due to weakness in collateralized debt obligations, commercial mortgage-backed securities, and asset-backed securities. Despite these challenges, S&P Global maintained its full-year 2008 EPS outlook of $2.65 to $2.75, excluding certain restructuring charges and benefits. The filing also details adjusted operating results by segment, excluding these specific items and a prior year gain on sale.
Key Highlights
- 1Reported Q2 2008 diluted earnings per share (EPS) of $0.66.
- 2International revenue in S&P Credit Market Services declined 3.3% (9.4% excluding FX) to $235.5 million.
- 3The decline in Financial Services revenue was attributed to softness in CDOs, CMBS, and ABS, primarily in Europe.
- 4Company reiterated its full-year 2008 EPS guidance of $2.65 to $2.75, excluding restructuring charges and related benefits from Q2.
- 5Provided adjusted operating results by segment, excluding 2008 restructuring charges and a 2007 gain on sale of a mutual fund data business.
- 6The filing was furnished under Items 2.02 and 7.01 of Form 8-K, including an earnings release as Exhibit 99.