Intercontinental Exchange Posts Higher 2Q Profit, Revenue

Dow Jones
Jul 30
 

Intercontinental Exchange logged higher profit and revenue in the second quarter, driven by improving performance across all business units.

The owner of the New York Stock Exchange, as well as other bourses and clearinghouses, on Thursday posted a profit of $958 million, or $1.69 a share, up from $851 million, or $1.48 a share, a year earlier.

Stripping out certain one-time items, earnings were $1.90 a share. Analysts polled by FactSet expected adjusted earnings of $1.84 a share.

Total revenue climbed 11% to $3.61 billion. Excluding certain transaction-based expenses, revenue came in at $2.67 billion, ahead of Wall Street models for $2.63 billion.

Revenue from the exchanges segment ticked up 3.5% to $1.46 billion. Meanwhile, fixed-income and data-services revenue rose 8% to $645 million, and mortgage-technology revenue climbed 4.9% to $557 million.

"Our second quarter results reflect the continued strength and consistency of our business model, with growth across all three of our operating segments and strong free cash flow generation," Chief Financial Officer Warren Gardiner said.

Also on Thursday, ICE agreed to acquire MarketAxess, an electronic trading platform for fixed-income markets, for $6 billion.

 
 

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