UPDATE 2-MSCI Q1 beats Street, shares jump

giovedì 2 aprile 2009 19:08
 

* Q1 EPS $0.16 vs est $0.12

* Q1 oper rev $105.9 mln vs est $102.2 mln

* Sees improvement in costs, retention rates

* Shares jump as much as 19 pct (Recasts, adds analysts' comments, further details, share movement)

By Amiteshwar Singh

BANGALORE, April 2 (Reuters) - MSCI Inc's MXB.N quarterly profit fell for the fifth straight quarter, but the results topped market estimates, helped by lower costs, sending the investment analysis and market index company's shares up as much as 19 percent.

"The beat came from lower expenses, especially the Morgan Stanley replacement and allocation expense," Fox-Pitt Kelton analyst Ivy De Dianous told Reuters.

The company was spun off from Morgan Stanley (MS.N: Quotazione) in 2007, and it has been trying to replace the services of its parent company ever since, incurring costs in the process.

During the first quarter, the company, however, spent a lower-than-expected $9.8 million.   Continua...