IHS Markit (NYSE: INFO), a data and information provider to the financial services industry, has released its financial results for the third quarter of 2020, ending on August 31, showing a decline in the overall market demand.
The company recorded $1.073 billion in revenue for the period, with a 3.5 percent decline year-on-year. Organically, this is a decline of 1 percent.
However, the net income of the company took a forward leap of 306 percent to $162.9 million. For the same quarter last year, it reported a net income of $40.1 million. The adjusted EBITDA for the latest quarter was at $486.2 million, while this number was at $452.9 a year ago.
“In Q3, we delivered solid results as the markets we operate in have begun to recover at varying speeds. We are managing the challenges well while continuing to make the right long-term decisions for the company, shareholders, and the communities that we operate in and serve,” IHS Markit chairman and CEO, Lance Uggla said in a statement.
Financial Services Showing Positive Growth
revenues are comprised of the company’s four main segments: financial services, transportation, resources, and consolidated markets & solutions.
Under , IHS Markit offers a range of products for financial firms, including trading firms and brokerages. Revenue for this segment increased by 4 percent to $446 million, while all the others saw a decline. Consolidated markets & solutions took the maximum hit with a 13 percent yearly decline.
“We are positioned to deliver results for the year that include recurring organic revenue growth, strong margin expansion, and double-digit normalized earnings growth and are exiting the year in good position to achieve our 2021 outlook,” Jonathan Gear, chief financial officer at IHS Markit, added.