Moody's Corp. reported unaudited consolidated earnings results for the first quarter ended March 31, 2013. For the quarter, the company reported revenues of $731.8 million compared to $646.8 million a year ago. Operating income was $280.4 million compared to $269.0 million a year ago. Income before provision for income taxes was $267.2 million compared to $258.6 million a year ago. Net income attributable to the company was $188.4 million or $0.83 per diluted share compared to $173.5 million or $0.76 per diluted share a year ago. Adjusted operating income was $304.0 million compared to $292.5 million a year ago. Net cash flows from operating activities were $202.6 million compared to $62.0 million a year ago. Capital additions were $8.6 million compared to $15.3 million a year ago. Excluding the litigation settlement charge, diluted earnings per share of $0.97 increased 28% year-over-year. For the full year ending December 31, 2013, the company expects GAAP diluted EPS to be in the range of $3.35 to $3.45 and Non GAAP diluted EPS to be in the range of $3.49 to $3.59. The company expects full-year 2013 revenue to grow in the high-single-digit percent range. Operating margin is now projected to be 41% to 42% and adjusted operating margin for the year is now expected to be 44% to 45%. The effective tax rate is still expected to be approximately 32%. Capital expenditures are still projected to be approximately $50 million. The company still expects approximately $100 million in depreciation and amortization expense. Free cash flow is expected to be approximately $850 million. Full year 2013 operating expenses are now projected to increase in the mid-single-digit percent range. Guidance ranges for operating expenses, operating margin and adjusted operating margin all include the litigation settlement charge.

On April 16, 2013, the Board of Directors of Moody's Corporation declared a regular quarterly dividend of 20 cents per share of MCO Common Stock. The dividend will be payable on June 10, 2013 to stockholders of record at the close of business on May 20, 2013.

Standard & Poor's Ratings Services, Moody's Corp. and Morgan Stanley have settled two lawsuits dating back to the financial crisis that accused them of hiding risky investments. The lawsuits from King County in Washington state and Abu Dhabi Commercial Bank claimed that the ratings agencies and Morgan Stanley hid the risk of investing in a fund that purchased bonds backed by subprime mortgages. Judge Shira Scheindlin dismissed the lawsuits on April 26, 2013, in federal court in New York, with prejudice, which means they can't be filed again.