Sept 18 (Reuters) - Business research and information firm IHS Inc reported a better-than-expected adjusted quarterly profit helped by revenue growth in its subscription business in America and Europe.
The company’s subscription revenue rose 18.4 percent to $432.1 million in the third quarter ended Aug. 31.
IHS forecast an adjusted profit of $5.70 to $5.80 per share and revenue of $2.23 billion to $2.24 billion for the full year ending Nov. 30.
Analysts, on average, were expecting an adjusted profit of $5.80 per share, on revenue $2.24 billion, according to Thomson Reuters I/B/E/S.
IHS’s third-quarter net income nearly doubled to $46.5 million, or 68 cents per share, from $23.4 million, or 35 cents per share, a year earlier.
Excluding items, the company earned $1.49 per share.
Revenue rose about 16 percent to $556 million from a year earlier.
Analysts, on average, had expected a profit of $1.44 per share, on revenue of $556.2 million.
IHS shares closed at $138.62 on the New York Stock Exchange on Wednesday. The stock had gained 21.7 percent over the past year to Wednesday’s close. (Reporting by Anya George Tharakan in Bangalore; Editing by Simon Jennings)