S&P Global Issues 2024 Guidance

(RTTNews) - S&P Global (SPGI) said its initial 2024 guidance calls for revenue growth of 5.5% to 7.5%, GAAP EPS in the range of $10.70 to $10.95, and adjusted EPS in the range of $13.75 to $14.00. For full year 2024, the company expects to return approximately 85% of adjusted free cash flow to shareholders through dividends and share repurchases. The Board has authorized a quarterly cash dividend of $0.91. Also, the Board has authorized the repurchase of shares totaling up to $2.4 billion. The company plans to launch an initial $500 million Accelerated Share Repurchase in the coming weeks.

Fourth quarter GAAP net income increased 34% to $579 million and GAAP earnings per share increased 38% to $1.83 driven primarily by strong Ratings growth and lower merger-related costs. Adjusted net income increased 19% to $988 million and adjusted earnings per share increased 23% to $3.13. Analysts on average had expected the company to earn $3.15 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

Fourth quarter reported revenue was $3.15 billion, an increase of 7% compared to the fourth quarter of 2022. Excluding the impact of Engineering Solutions, revenue growth would have been 11% year over year. Analysts on average had estimated $3.13 billion in revenue.

Shares of S&P Global are down 4% in pre-market trade on Thursday.

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