IHS Markit profit beats expectations, while revenue slips

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IHS Markit Ltd. reported Wednesday a fourth-quarter adjusted profit that rose above expectations, while revenue fell mostly in line with forecasts. The provider of information and analytics for industries and financial markets said some of its end markets, which have been challenged by the COVID-19 pandemic, continue to show signs of recovering. The stock was still inactive in premarket trading. Net income declined to $151.1 million, or 38 cents a share, from $203.1 million, or 50 cents a share, in the year-ago period. Excluding non-recurring items, adjusted earnings per share grew to 72 cents from 65 cents, beating the FactSet consensus of 67 cents. Revenue fell 1% to $1.107 billion, just shy of the FactSet consensus of $1.114 billion. Revenue at the company’s largest business segment, financial services rose 7% to $459 million to top expectations of $453.2 million, while the transportation, resources and consolidated markets and solutions businesses saw revenue decline below expectations. The stock has gained 8.8% over the past three months, while the S&P 500 has tacked on 8.2%.
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