Intercontinental Exchange Posts Gains in Both Profit and Revenue for Second Quarter

Deep News
07/30

Intercontinental Exchange (NYSE: ICE) achieved growth in both profit and revenue during the second quarter, driven by improvements across all its business segments.

The parent company of the New York Stock Exchange and other trading platforms and clearing houses reported a profit of $958 million, or $1.69 per share, for the quarter ended June 30, compared to $851 million, or $1.48 per share, in the same period last year.

After adjusting for certain one-time items, adjusted earnings per share came in at $1.90. Analysts surveyed by FactSet had anticipated adjusted earnings per share of $1.84.

Total revenue rose 11% to $3.61 billion. Excluding certain transaction-based expenses, revenue reached $2.67 billion, surpassing Wall Street's expectation of $2.63 billion.

Revenue from the exchange segment increased modestly by 3.5% to $1.46 billion. Meanwhile, fixed income and data services revenue grew 8% to $645 million, and mortgage technology revenue advanced 4.9% to $557 million.

Chief Financial Officer Warren Gardiner commented: "Our second-quarter results reflect the continued strength and stability of our business model, with growth across all three operating segments and robust free cash flow."

Also on Thursday, Intercontinental Exchange agreed to acquire MarketAxess, an electronic trading platform for fixed-income markets, in a deal valued at $6 billion.

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