Intercontinental Exchange Posts Higher Profit, Revenue

By Ben Glickman

Intercontinental Exchange's profit rose in the second quarter as customers continued to use the company's financial exchanges to manage risk.

The finance exchange and data company said it posted a profit of $799 million, or $1.42 a share, in the second quarter, compared with $555 million, or 99 cents a share, a year earlier. Analysts polled by FactSet expected per-share earnings of $1.14.

Stripping out one-time items, adjusted per-share earnings came to $1.43, ahead of the $1.37 forecast by analysts, according to FactSet.

Revenue rose to $2.34 bilion, beating the $1.892 billion expected by analysts polled by FactSet.

Revenue excluding transaction-based expenses, a key metric for the company, rose to $1.89 billion from $1.81 billion a year earlier.

Chief Executive Jeffrey Sprecher said that consumers continued to lean on Intercontinental Exchange's services to manage risk and drive efficiencies in an uncertain macroeconomic environment.

Write to Ben Glickman at [e-mail]

(END) Dow Jones Newswires

August 03, 2023 08:07 ET (12:07 GMT)

Copyright (c) 2023 Dow Jones & Company, Inc.