S&P Global Inc. - SPGI STOCK NEWS

S&P Global (NYSE: SPGI) has released its third quarter 2024 results. The earnings release and supplemental materials are available at http://investor.spglobal.com/Quarterly-Earnings. The company's senior management will discuss the third quarter results in a conference call scheduled for today, October 24, at 8:30 a.m. EDT. Additional details from the conference call can be accessed on the company's Investor Relations Website. The webcast will be available live and in replay at the same link.

CARFAX reports that an estimated 347,000 vehicles have been damaged by floods during the 2024 hurricane season. Hurricane Milton affected approximately 120,000 vehicles in Florida, while Hurricane Helene impacted 138,000 vehicles across several states. An additional 89,000 vehicles were damaged by smaller summer storms. This marks the most destructive year for vehicle flood damage since Hurricane Ian in 2022, which affected 358,000 vehicles. CARFAX warns that these damaged vehicles might be cleaned up by scammers and sold to unsuspecting buyers, potentially causing mechanical, electrical, health, and safety issues.

Hurricane Helene has potentially damaged up to 138,000 vehicles across six states, according to CARFAX estimates. This adds to the estimated 89,000 vehicles already affected by water damage this year. CARFAX warns that thousands of these flood-damaged cars could soon be on the market, with scammers attempting to sell them both locally and across the country.

The states most impacted by Helene's flood damage to vehicles are:

• Florida: 60,700
• South Carolina: 27,500
• North Carolina: 22,900
• Georgia: 16,800
• Tennessee: 4,900
• Virginia: 4,900

CARFAX advises used car buyers to be vigilant and offers three key steps to avoid purchasing flood-damaged vehicles: use the free CARFAX Flood Check® tool, inspect the car for signs of flooding, and have a trusted mechanic examine the vehicle.

S&P Global (NYSE: SPGI) has announced its new executive leadership team, effective November 1, 2024, when Martina L. Cheung becomes President and CEO. Key appointments include:

- Saugata Saha as President of S&P Global Market Intelligence and Chief Enterprise Data Officer
- Dave Ernsberger and Mark Eramo as co-Presidents of S&P Global Commodity Insights
- Yann Le Pallec as President of S&P Global Ratings
- Dan Draper continuing as CEO of S&P Dow Jones Indices
- Edouard Tavernier continuing as President of S&P Global Mobility
- Eric Aboaf as CFO with expanded responsibilities
- Steve Kemps as Chief Legal Officer with an expanded role
- Sally Moore in a new role as Chief Client Officer
- Girish Ganesan as Chief People Officer

The restructuring aims to drive growth and value for shareholders, customers, and employees.

S&P Global's latest Look Forward research series predicts that emerging markets will contribute about 65% of global economic growth by 2035. The report, titled 'Emerging Markets: A Decisive Decade', highlights key findings:

- Emerging markets are expected to average 4.06% GDP growth through 2035, compared to 1.59% in advanced economies.
- Progress in increasing income levels will be uneven, with median GDP per capita in the largest emerging markets reaching only 31% of developed markets by 2030.
- Public debt is rising in most emerging sovereigns, but they are less vulnerable to global financial shocks than in previous decades.
- Emerging markets must invest in skills and manufacturing automation to compete globally.
- These markets are set to develop nearly 6,000 gigawatts of clean energy projects by 2040, requiring over US$5 trillion in investments.

S&P Global (NYSE: SPGI) has announced the appointment of Eric Aboaf as its new Chief Financial Officer, effective February 2025. Aboaf will oversee all aspects of the company's Finance function and report to Martina L. Cheung, S&P Global's incoming President and CEO. Aboaf joins from State Street (NYSE: STT), where he served as CFO for nearly eight years and Vice Chairman since 2022.

Aboaf brings extensive experience in financial services, having held CFO roles in multiple publicly traded companies. His background includes positions at Citizens Financial Group and Citigroup, as well as a partnership at Bain & Company. The appointment is part of S&P Global's leadership transition, with Cheung assuming her role as President and CEO on November 1, 2024.

The GEP Global Supply Chain Volatility Index decreased to -0.43 in September, indicating the highest level of global supply chain spare capacity since July 2023. This rise in underutilized vendor capacity was driven by a further deterioration in global demand, with factory purchasing activity at its weakest year-to-date across all major continents.

Key findings include:

• North American supplier spare capacity increased significantly, with U.S. manufacturers lowering purchasing volumes aggressively
• Asian supply chain spare capacity rose to a year-to-date high, with China's factory procurement activity falling for the third straight month
• Europe's industrial recession intensified, reflecting challenges faced by major manufacturers
• Global transportation costs dipped to their lowest since July 2023
• Material shortages indicator fell to its lowest level since January 2020

S&P Global has launched the S&P Global Climate Center of Excellence, a group of world-class scientists and strategists aimed at advancing climate, environmental, and nature research. The center will collaborate with experts across all S&P Global divisions to ensure that climate and sustainability solutions are grounded in best-in-class science, data, and methodologies.

The center's mission includes tackling complex methodological challenges, supporting science-driven thought leadership, building external academic partnerships, and leveraging in-house expertise to drive transparency on critical climate and sustainability issues. It will also cultivate learning opportunities for S&P Global employees to elevate science-based thinking throughout the company.

Dr. Terence Thompson, Chief Science Officer of the center, emphasized the focus on complex data and modeling challenges to enable advancements in science-driven methodologies. Thomas Yagel, Chief Operating and Product Officer for S&P Global Sustainable1, highlighted the importance of collaboration with leading experts in the academic and scientific community.

S&P Global Market Intelligence has expanded its lending solutions suite to drive innovation across global lending markets. The enhanced solutions aim to enable operational scale, integrate best-in-class point solutions, digitize loan lifecycle management, increase efficiency, decrease risks, and enable faster loan settlement times. The comprehensive portfolio now supports the full lifecycle of broadly syndicated loans and direct lending instruments.

Key enhancements include:

• WSO and iLEVEL integration for private credit
• ClearPar Premium Reporting within Loan Platforms
• End-to-end connectivity across Onboarding, KYC, Tax Validation, and Loan Settlement
• CLO Solutions for new CLO managers
• Loan Credit Risk Analysis tools
• Loan pricing and analytics available via S&P Capital IQ Pro

The solutions currently support over 32,000 active loans, track $460 billion in private debt instruments, and service more than $1 trillion in loans.