On January 21, IHS Markit, a global business information provider, announced the results of its fourth-quarter ended, November 30 2021. On Friday, the London-based firm, which provides financial information services, posted a fourth-quarter profit above analysts’ expectations as the company’s operating expenses fell. The company stated it recorded an increase in profits as it posted a net income of $737.2 million in the fourth quarter compared with $151.1 million in the same period last year. Besides that, the firm mentioned that the rise of its net income includes around $489 million generated on sales made on its MarkitSERV business line divestiture in September last year.
IHS Markit elaborated that its revenue for the fourth quarter increased to $1.18 billion, compared with $1.11 billion made during the same period last year. Three Wall Street analysts surveyed by Zacks Investment Research were expecting revenue of 1.15 billion in the fourth quarter.
Additionally, the London-based information provider disclosed that its operating expenses dropped to $414.7 million from $932.9 million. Moreover, the company highlighted that it saw an increase in its resources revenue (2%), consolidated markets and solutions revenue (10%), transportation revenue (12%,) and its organic financial services revenue (12%) in the fourth quarter.
On a per-share basis, IHS Markit stated that it made a profit of $1.83 per share, compared with 38 cents per share recorded in a similar period of last year. In the fourth quarter, the company’s earnings, adjusted for one-time gains and costs, came to 85 cents per share. The results beat Wall Street analysts’ expectations. The average estimate of four analysts polled by Zacks was for earnings of 84 cents per share.
For the year, the London-based firm witnessed a profit of $1.21 billion or $3.01 per share and saw a revenue of $4.66 billion.
How IHS Markit Contributes to Global Economy Growth
The announcement by IHS Markit comes at a time when the firm has created a brand as a global leader in critical information, analytics and solutions for major markets and industries that drive economies worldwide. The firm has been committed to sustainable profitable growth. Such positive results come as the company remains committed to offer next-generation information, analytics and solutions to customers in finance, business and the government. IHS Markit has been dedicated to enhancing its operational efficiency and offering in-depth insights that lead to confident and well-informed decisions. The company has over 50,000 government and business customers, including 80% of the Fortune Global 500 and the world’s top financial institutions.
