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Ratings provider S&P Global said on Tuesday it plans to separate its mobility division, which sells data to vehicle manufacturers and automotive suppliers, into a separate public company in an attempt to streamline operations.
The New York-based firm said its operations will consist of four core businesses after the separation S&P Global Market Intelligence, S&P Global Ratings, S&P Global Commodity Insights and S&P Dow Jones Indices.
"Separating Mobility will allow us to continue to focus on our core businesses and pursue our growth strategy," said Martina Cheung, President and CEO of S&P Global.
The segment generated $1.6 billion in revenue in fiscal year 2024, a year-over-year increase of approximately 8 per cent.
Upbeat results
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S&P Global's first-quarter profit beat analysts' expectations, as demand for its data and analytics offerings remained robust amid economic turmoil.
The demand for market analysis tools has surged as investors rebalanced their portfolios to protect against increased market volatility caused by the broad tariffs imposed by US President Donald Trump on the country's trading partners.
Revenue from S&P's Ratings segment, which provides credit ratings, research and analytics to investors, rose 8 per cent to $1.15 billion in the three months ending March 31.
Revenue from the Market Intelligence unit which provides data and analytics rose 5 per cent to $1.2 billion.
The company reported an adjusted profit of $4.37 per share, surpassing analysts' expectation of $4.19.
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