Intercontinental Exchange 1Q Revenue Grows on Boost from Exchanges Segment
By Denny Jacob
Intercontinental Exchange posted higher revenue in its latest quarter that came up a bit below Wall Street's estimates, with growth in its exchanges segment contributing to the year-over-year increase.
The exchange operator and financial-services provider logged net income of $767 million, or $1.33 a share, for the first quarter ended March 31, up from $655 million, or $1.17 a share, a year earlier. Adjusted earnings were $1.48 a share, matching analysts' estimates.
Revenue, which excludes transaction-based expenses, rose to $2.29 billion from $1.9 billion. Analysts polled by FactSet expected $2.31 billion.
Revenue from its exchanges segment, which accounts for the bulk of total revenue, grew 12% to $1.22 billion from the prior-year. Fixed income and data services segment revenue grew 1% from a year earlier, while mortgage technology segment revenue more than doubled from the prior year.
Chief Financial Officer Warren Gardiner said the company generated record revenue and operating income in the first quarter.
Write to Denny Jacob at denny.jacob@wsj.com
(END) Dow Jones Newswires
May 02, 2024 08:29 ET (12:29 GMT)
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