S&P Global raises annual profit forecast on demand for analytics products

Financial information company S&P Global (SPGI) raised its full-year profit forecast on Tuesday and reported second-quarter adjusted earnings that rose 30% on the back of strong demand for its data and analytics products.

The company's shares rose 4.4% to $510.20 before the bell.

Hopes of interest rate cuts and a soft landing for the economy, where inflation falls without a recession or big job losses, have prompted investors to spend more on products that help in better investment choices, helping firms such as S&P Global and Moody's.

Moody's raised its forecast for full-year adjusted profit above Wall Street estimates last week.

S&P Global forecast adjusted profit per share between $14.35 and $14.60 for the full year, up from its prior view of $13.85 to $14.10.

Revenue from the company's ratings segment, which provides credit ratings, research and analytics to investors, rose to $1.14 billion in the second quarter from $851 million.

S&P Global's total revenue rose 14% to $3.55 billion.

The company reported an adjusted profit of $1.27 billion, or $4.04 per share in the quarter, compared with $996 million, or $3.12 per share, a year earlier.

Reuters reported in April that S&P Global was weighing options for its mobility business, including a full sale.

The mobility business, which provides vehicle, market and consumer data for original equipment manufacturer, reported an 8% jump in second-quarter revenue.

(Reporting by Pritam Biswas in Bengaluru; Editing by Shounak Dasgupta)