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.
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“In Q3, we delivered solid results as the markets we operate in have begun to recover at varying speeds. We are managing the COVID 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
IHS Markit revenues are comprised of the company’s four main segments: financial services, transportation, resources, and consolidated markets & solutions.
Under financial services, 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.