IntercontinentalExchange Profit Rises 7.8%

IntercontinentalExchange Inc.'s (ICE) third-quarter profit rose 7.8% as the exchange operator posted stronger market data fee revenue, though futures trading volume dropped.

ICE's results have been weighed down by higher acquisition-related costs as the company lobbies for its proposed $9.4 billion acquisition of rival NYSE Euronext (NYX), a deal seen as creating the world's biggest exchange company by valuation. The purchase was initially expected to close this week, but was recently pushed back to provide European regulators more time to sign off on the deal.

The Atlanta-based commodities exchange operator said trading volume in its futures segment was 3.1 million contracts a day during the quarter, down about 1% from a year earlier.

Acquisition-related costs rose to $6.1 million from $2.3 million.

Overall, ICE posted a profit of $141.3 million, or $1.92 a share, up from $131.1 million, or $1.79 a share a year earlier. Stripping out acquisition-related costs and other items, earnings in the latest period were $1.97 a share.

Total revenue rose 4.5% to $337.9 million.

Analysts polled by Thomson Reuters expected $1.83 in per-share adjusted earnings on $333 million in revenue.

Transaction and clearing fee revenue edged up 0.3% to $279.9 million. Market data fees revenue increased 12% to $40.2 million.

The company also unveiled an aggregate $75 million fourth-quarter dividend, which is contingent on the closing of the NYSE Euronext deal.

Shares closed Monday at $193.84 and were inactive premarket. The stock has risen 57% since the start of the year.

Write to Ben Fox Rubin at [e-mail]

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