ICE’s Board approves new share repurchase program

Maria Nikolova

The new $2.0 billion authorization for share repurchases is effective January 1, 2019 with no end date.

Operator of global exchanges and clearing houses and provider of data and listings services Intercontinental Exchange Inc (NYSE: ICE) has just announced that its Board has approved a new share repurchase program and its quarterly dividend of $0.24.

Through September 30, 2018, ICE has repurchased nearly $1.1 billion of its common stock at an average price of $73.54 and it expects to exhaust the remaining $141 million of its current $1.2 billion authorization during the fourth quarter 2018. The new $2.0 billion authorization for share repurchases is effective January 1, 2019 with no end date.

ICE’s fourth quarter 2018 dividend is payable on December 31, 2018 to stockholders of record as of December 14, 2018. The ex-dividend date is December 13, 2018. Upon paying the fourth quarter dividend, ICE will have paid out approximately $556 million in dividends during 2018, a 17% increase versus 2017.

Earlier today, ICE posted its results for the third quarter of 2018, with revenues up 5% year on year to $1.2 billion, and GAAP diluted EPS reaching $0.79, up 25% from the same period a year earlier.

For the quarter ended September 30, 2018, consolidated net income attributable to ICE was $458 million. Adjusted net income was $491 million in the third quarter and adjusted diluted EPS were $0.85, up 16% year-over-year.

“Our third quarter performance reflected strength across our futures, cash equities, listings and data services businesses, marking the 22nd consecutive quarter of year-over-year revenue growth,” said ICE Chairman & Chief Executive Officer, Jeffrey C. Sprecher. “Against an uncertain regulatory and political backdrop, we are focused on driving innovation, delivering growth and helping to serve our customers’ risk management needs.”

Scott A. Hill, ICE Chief Financial Officer, added, “Through the end of the third quarter, we have grown revenues and earnings, generated record operating cash flows and returned nearly $1.5 billion dollars to stockholders – more than any full year in our history. As we approach the end of 2018, we remain focused on our growth initiatives and value creation.”

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