IHS Markit, a provider of analytics and financial markets solutions, has reported its financial results for the first quarter ended 28 February 2021. The company reported a revenue of $1,119 million in the first quarter of 2021, compared to $1,080 million in Q1 2020.
According to the official announcement, the adjusted EBITDA of IHS Markit reached $466.8 million in Q1 2021, up 8% compared to Q1 2020. The total free cashflow touched $171.9 million, compared to $117.4 million in Q1 2020.
Commenting on the latest financial results, Lance Uggla, chairman and chief executive officer at IHS Markit, said: “We are very pleased with our start to the year, with all of our segments performing at or above our expectations.”
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IHS Markit reported a drop in net income and diluted earnings per share in Q1 2021. The company recorded a net income of $149 million and diluted earnings per share (EPS) of $0.37. Cash flow from operations stood at $244.5 million.
Performance of Financial Services
According to the results, Q1 2021 revenue for financial services increased $49 million, or 11%, to $485 million, and included 10% total organic growth. First-quarter adjusted EBITDA for Financial Services increased $28 million, or 13%, to $233 million. First-quarter revenue for Transportation increased $15 million, or 5%, to $312 million, and included 4% total organic growth. “As our end markets and business continue to recover, we now expect to deliver results in the upper half of our 2021 revenue, Adjusted EBITDA, and Adjusted EPS guidance ranges,” Jonathan Gear, chief financial officer at IHS Markit mentioned in the official press release. Finance Magnates earlier reported about a net income drop in IHS Markit’s Q4 2020 financial results. IHS Markit recently announced the acquisition of Cappitech. The company also acquired Catena technologies last year.
“IHS Markit has more than 50,000 business and government customers, including 80 percent of the Fortune Global 500 and the world’s leading financial institutions. Headquartered in London, the company is committed to sustainable, profitable growth,” the official press release states.