NYSE-owner ICE profit beats estimates; transaction, data units shine

This post was originally published on this site

https://i-invdn-com.akamaized.net/trkd-images/LYNXMPEF9U0ZJ_L.jpg

(Reuters) – Intercontinental Exchange Inc (N:), which owns the New York Stock Exchange, beat analysts’ estimates for third-quarter profit on Thursday, buoyed by strength in its trading and clearing business and data services unit.

U.S. markets were volatile in the quarter due to uncertainty around the U.S.-China trade spat. This helped exchange operators such as ICE, who make most of their money from clearing and settling trades.

Revenue from the exchange operator’s biggest business, trading and clearing, rose 22.2% to $929 million

Revenue at the data services unit, which publishes daily indexes and historical price data, increased 4.3% to $553 million.

Net income attributable to the company rose to $529 million, or 94 cents per share, in the third quarter ended Sept. 30, from $458 million, or 79 cents per share, a year earlier.

Excluding one-time items, Intercontinental Exchange posted a profit of $1.06 per share, while analysts expected 96 cents per share, according to IBES data from Refinitiv.

Total revenue, excluding transaction-based expenses, rose 11.3% to $1.34 billion.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.