CBOE Holdings, Inc. (CBOE) Tops Q1 EPS by 2c
CBOE Holdings, Inc. (NASDAQ: CBOE) reported Q1 EPS of $0.58, $0.02 better than the analyst estimate of $0.56. Revenue for the quarter came in at $157.9 million versus the consensus estimate of $156.33 million.
"We experienced double-digit increases in trading volume across each of our product categories during the first quarter, resulting in record revenue and earnings," said Edward T. Tilly, CBOE Holdings Chief Executive Officer. "We were particularly pleased with the continued growth in our volatility products, with average daily trading volume in VIX options up 22 percent and VIX futures up 33 percent during the first quarter. More important, we are excited about the opportunities ahead to further develop new proprietary products and broaden our customer reach."
"I am very pleased with our financial results this quarter, which firmly demonstrate the leverage we are able to capture as we grow our top-line and remain diligent in controlling expenses. We achieved an adjusted operating margin for the quarter of 53.6 percent, a new all-time high," stated Alan J. Dean, CBOE Holdings Executive Vice President and Chief Financial Officer.
2014 Fiscal Year Financial Guidance
The company reaffirmed the following financial guidance for the 2014 fiscal year provided in its February 7, 2014 earnings press release:
- Core operating expenses are expected to be in the range of $191.0 million to $196.0 million. Continuing stock-based compensation expense included in core expenses is expected to be approximately $13.0 million for the full year.
- Capital expenditures are expected to be in the range of $47.0 million to $50.0 million.
- Depreciation and amortization expense is expected to be in the range of $38.0 million to $40.0 million.
- Adjusted effective tax rate for the full-year 2014 is expected to be in the range of 38.5 percent to 39.5 percent. The most significant differences in the adjusted effective rate and the statutory rate are state income taxes and discrete items relating to the current period. Significant changes in trading volume, expenses, state and local tax rates and other items, including ongoing state and federal tax audits, could materially impact this expectation.
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