Moody’s Corporation (NYSE:MCO) released its fourth quarter earnings report before opening bell this morning, posting non-GAAP earnings of 85 cent per share on revenue of $779.2 million for the quarter. Reported earnings per share were 94 cents—a 34% year over year increase. For the full year, Moody’s Corporation (NYSE:MCO) reported earnings of $3.60 per share and non-GAAP earnings of $3.65 per share. The company’s revenue for the full year was $2.97 billion.

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Analysts had been expecting the company to report earnings of between 76 and 78 cents on revenue of approximately $744 million for the quarter and about $3.56 per share in earnings on $2.9 billion for the full year.

Breaking down earnings from Moody’s

The company reported a 1% increase in revenue for its Moody’s Investors’ Service during quarter, bringing it to $522.8 million. Outside the U.S., the division’s revenue rose 5%. Moody’s Analytics revenue for the quarter rose 9% to $256.4 million.

Moody’s Corporation (NYSE:MCO) reported expenses of $467.3 million for the quarter. That’s a 5% year over year decline. For the full year, the company’s expenses rose 5% to $1.7 billion.

Moody’s guides for 2014, allocates capital

Moody’s Corporation (NYSE:MCO) said it expects fiscal 2014 year earnings to be between $3.90 and $4 per share. The company noted a great deal of uncertainty surrounding the factors which weigh on its actual results for the year. It expects to see full year revenue grow in the “high-single-digit-percentage range” and operating expenses for the full year to grow in the “mid-single-digit percent range.” Moody’s expects its full-year operating margin to be between 42% and 43% and adjusted operating margin to be between 45% and 46%.

The company expects to buy back about $1 billion worth of its shares during 2014. In December, it increased its quarterly dividend 12%, bringing it to 28 cents per common share. Over all of 2013, Moody’s Corporation (NYSE:MCO) raised its annualized declared dividend 40% to $1.12 per share. During the December quarter, the company bought back 2 million shares for about $145.5 million. It also issued 900,000 shares under employee stock-based compensation plans.

For the full year, the company bought back 14.2 million shares for about $893.1 million. The company reported 214 million outstanding shares as of the end of the year.