April 29, 2014 / 12:40 PM / 3 years ago

UPDATE 1-Platts, indices drive up McGraw Hill Financial profit

2 Min Read

* Net income from cont ops $0.89/share vs. $0.54/share

* Indices revenue jumps 18%; Platts revenue up 14%

* Standard & Poor's revenue up 1 pct (Adds details, CEO comment)

April 29 (Reuters) - Standard & Poor's owner McGraw Hill Financial Inc reported a 62 percent rise in quarterly profit, driven mainly by its indices business and Platts, its energy and metals information provider.

Net income from continuing operations attributable to common shareholders rose to $248 million, or 89 cents per share, for the first quarter ended March 31, from $153 million, or 54 cents per share, a year earlier.

That was just above the average analyst forecast earnings of 88 cents per share, according to Thomson Reuters I/B/E/S.

"Platts and S&P Dow Jones Indices delivered outstanding revenue growth...," Chief Executive Douglas Peterson said in a statement.

"The robust performance of these businesses more than offset the impact of tough year-over-year bond issuance comparisons at Standard & Poor's Ratings Services," he said.

Total global debt issuance fell 4 percent to $1.6 trillion during the first quarter of 2014 - the slowest start to a year since 2008, according to Thomson Reuters data.

Rival Moody's Corp reported a 16-percent jump in its net income last week as the strength in its analytics business helped weather a slowdown in bond issuance.

Revenue at McGraw Hill's S&P Dow Jones Indices business rose 18 percent to $137 million, while revenue from Platts rose 14 percent to $148 million.

Standard & Poor's Ratings Services, which is the biggest unit by revenue, posted a modest 1 percent revenue growth during the period.

New York-based McGraw Hill's shares closed at $75.07 on Monday on the New York Stock Exchange. They have fallen about 3 percent since the beginning of the year.

Thomson Reuters competes with McGraw Hill Financial in providing innformation related to financial and commodties markets. (Reporting by Anil D'Silva in Bangalore; Editing by Maju Samuel and Rodney Joyce)

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