Revenue during the quarter grew 19.50 percent to $975.20 million from $816.10 million in the previous year period. Gross margin for the quarter expanded 209 basis points over the previous year period to 71.55 percent. Total expenses were 54.53 percent of quarterly revenues, down from 62.74 percent for the same period last year. This has led to an improvement of 821 basis points in operating margin to 45.47 percent.

Operating income for the quarter was $443.40 million, compared with $304.10 million in the previous year period.

However, the adjusted operating income for the quarter stood at $475.90 million compared to $334 million in the prior year period. At the same time, adjusted operating margin improved 787 basis points in the quarter to 48.80 percent from 40.93 percent in the last year period.

"Moody’s achieved record revenue in the first quarter as Moody’s Investors Service benefited from strong issuance, especially in the leveraged finance markets, and Moody’s Analytics continued to exhibit steady growth," said Raymond McDaniel, president and chief executive officer of Moody’s. "Including a $0.31 per share gain from a strategic realignment and expansion involving Moody’s China affiliate CCXI, we now anticipate 2017 EPS of $5.46 to $5.61. Excluding this gain, we anticipate full year adjusted EPS to be toward the upper end of the range of $5.15 to $5.30, reflecting the likely impact of some debt issuance pull-forward during the first quarter, while recognizing ongoing macroeconomic and geopolitical uncertainties."

For fiscal year 2017, Moody's Corporation expects operating income to grow at 43 percent and adjusted operating income to grow at 46 percent. The company projects diluted earnings per share to be in the range of $5.46 to $5.61. It company projects diluted earnings per share to be in the range of $5.15 to $5.30 on adjusted basis.