Intercontinental Exchange registers sharp rise in net income in Q1 2020

Maria Nikolova

Net income attributable to ICE was $650 million in the first three months of 2020, marking a steep rise from $484 million in the year-ago quarter.

Operator of global exchanges and clearing houses and provider of data and listings services Intercontinental Exchange Inc (NYSE:ICE) today released its financial results for the first quarter of 2020.

For the quarter ended March 31, 2020, consolidated net income attributable to ICE was $650 million, sharply up from $484 million registered in the equivalent period a year earlier. First quarter GAAP diluted earnings per share (EPS) were $1.17. Adjusted net income attributable to ICE was $708 million in the first quarter and adjusted diluted EPS were $1.28.

First quarter consolidated net revenues were $1.6 billion, up 23% year-over-year. Consolidated operating income for the first quarter was $882 million and the operating margin was 57%. On an adjusted basis, consolidated operating income for the first quarter was $962 million and the adjusted operating margin was 62%.

First quarter data and listings revenues were $676 million, including data revenues of $564 million, up 3% year-over-year, and listings revenues of $112 million. In constant currencies, segment revenues were up 3% with data revenues up 4% year-over-year. Data and listings operating expenses were $367 million and on an adjusted basis, were $322 million in the first quarter.

First quarter trading and clearing net revenues were $883 million, up 44% from one year ago. Trading and clearing operating expenses were $310 million and adjusted operating expenses were $275 million in the first quarter.

Energy futures and options revenue in the first quarter increased 54% year-over-year on the back of a 54% increase in average daily volume (ADV), partially offset by a 2% decrease in rate per contract (RPC).

Ags and metals futures and options revenue in the first quarter increased 36% year-over-year driven by a 31% increase in ADV and a 2% increase in RPC.

Financials futures and options revenue in the first quarter increased 48% year-over-year reflecting a 31% increase in ADV and an 11% increase in RPC.

U.S. cash equities and equity options revenue in the first quarter increased 48% year-over-year reflecting a 45% increase in cash equities ADV, a 41% increase in equity options ADV and a 9% increase in cash equities RPC.

In terms of outlook, ICE forecasts its second quarter 2020 data revenues to be in a range of $565 million to $570 million.

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