IHS Markit, a provider of analytics and financial markets solutions, has reported its financial results for the fourth quarter ended 30 November 2020. The company reported $1.107 billion in revenue in Q4 of 2020, a marginal decline from $1.120 billion in revenue during the same period in 2019. The analytics company reported a significant drop of 26% in net income during the last quarter as the net income dropped from $203 million in Q4 of 2019 to $151 million in Q4 of 2020.
IHS Markit reported a slight increase in adjusted EBITDA in the latest quarter as the number reached $464.9 million, compared to $452.9 million during the same period in 2019. GAAP EPS and adjusted EPS were also up in Q4 of 2020.
Commenting on the recent financial results, Lance Uggla, Chairman and CEO at IHS Markit, said: “We were pleased to see continued stability in Q4, and 2020 demonstrated the resiliency of our business model given the economic challenges due to the pandemic.”
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IHS Markit recently announced the acquisition of a regulatory reporting and intelligence solutions provider, Cappitech. Both companies did not disclose the amount of the deal. Before the acquisition deal, Cappitech partnered with IHS Markit for different projects. IHS Markit is planning to expand its operations in 2021 despite a recent dip in net income and a flat organic revenue growth.
“We were pleased with the finish to our year, and some of our challenged end markets continue to show signs of recovering, which supports our plan as we head into FY21,” Jonathan Gear, CFO at IHS Markit said in a statement.
“Fourth-quarter revenue for Financial Services increased $28 million, or 7 percent, to $459 million, and included 6 percent total organic growth. Fourth-quarter Adjusted EBITDA for Financial Services increased $25 million, or 13 percent, to $224 million. Fourth-quarter revenue for CMS decreased $2 million, or 2 percent, to $126 million, with flat total organic growth. Fourth-quarter Adjusted EBITDA for CMS remained flat at $31 million,” the company mentioned in the official announcement.