Skip to Content
Global News Select

ICE 4Q Earns Tops Wall Street Views as Mideast Conflict Spurs Energy Trading

By Rob Curran


Intercontinental Exchange said fourth-quarter earnings fell slightly, but topped Wall Street estimates as Middle East conflict spurred energy trading.

The exchange operator and financial-services provider posted fourth-quarter earnings of $373 million, or 65 cents a share, down from $425 million, or 76 cents a share, a year earlier.

Excluding certain one-off items, Intercontinental Exchange posted adjusted earnings of $1.33 a share, surpassing the average Wall Street target of $1.29 a share, as tallied by FactSet.

Fourth-quarter revenue rose 12% to $2.67 billion, eclipsing the average analyst estimate of $2.2 billion.

Revenue from energy-trading activities leapt 48% to $414 million as conflict in Palestine roiled global oil markets.

For the first quarter, ICE projected operating expenses in a range between $1.175 billion and $1.185 billion.

For 2024, ICE targeted growth in recurring revenue from its financial exchanges in the low-single percentage digits. For its fixed-income and data-services unit, the company forecast recurring revenue growth in the mid-single percentage digits. At its mortgage technology unit, the company projected 2024 revenue growth in the low-to-mid single digits.

"As we enter 2024, we remain well positioned to benefit from numerous cyclical tailwinds and secular trends," said Chief Financial Officer Warren Gardiner, in a statement.


Write to Rob Curran at


(END) Dow Jones Newswires

February 08, 2024 08:10 ET (13:10 GMT)

Copyright (c) 2024 Dow Jones & Company, Inc.

Market Updates

Sponsor Center