IHS Markit (NYSE: INFO) has published its financial results for the third quarter of 2021, which ended on August 31, reporting a healthy year-over-year surge of 9 percent in revenue. The company generated $1.181 billion in revenue in the three months.
However, the net income of the company came in at $161 million, which is 1 percent lower than the same quarter in the prior fiscal year. Although, EBITDA strengthened 6 percent to $516 million.
The diluted earnings per share (EPS) of the company for the quarter stood at $0.4, while the adjusted EPS came in at $0.85.
Additionally, the results highlighted that the cash flow from operations climbed 4 percent to $421 million, along with a 2 percent jump in free cash flow to $344 million.
Commenting on the numbers, Lance Uggla, Chairman and CEO at IHS Markit, said: “We had another great quarter, and we expect to finish the year strong. I am very proud of our team’s Execution and partnership with our customers as we manage to the merger with S&P Global.”
Organic Growth
IHS Markit is a major provider of Analytics and financial markets solutions. It categorizes its business into four divisions: financial services, transportation, resources and consolidated markets and solutions.
Business from the financial services organically grew by 8 percent, while activities in transportation climbed by 15 percent. Revenue from consolidated markets and solutions also jumped by 11 percent, but resources saw a marginal decline of 1 percent.
Out of the total revenue of the company, $860 million and $170 million were generated from recurring fixed and variable sources, respectively, while the outstanding $150.5 million came from non-recurring sources.
“We performed very well in Q3 and through the first three quarters of our fiscal year, allowing us to again raise guidance for the year,” IHS Markit’s CFO, Jonathan Gear added.
