MSCI beats by $0.08, beats on revs
- Reports Q3 (Sep) earnings of $3.86 per share, excluding non-recurring items, $0.08 better than the FactSet Consensus of $3.78; revenues rose 15.9% year/year to $724.7 mln vs the $716.15 mln FactSet Consensus.
- Recurring subscription revenues up 15.4%; Asset-based fees up 19.5%. Operating margin of 55.4%; Adjusted EBITDA margin of 62.2%.
- Co reaffirms FY24 operating expense $1,305 to $1,345 million.
- "MSCI's third-quarter results highlight the underlying strength of our business model and client footprint, as well as the essential role that our solutions play across the investment ecosystem. Among other achievements, we posted our best-ever Q3 for recurring sales in Index and Analytics, along with nearly 20% growth in asset-based-fee revenue, which was driven by record AUM balances in financial products linked to our indexes," said Henry A. Fernandez, Chairman and CEO of MSCI.