IntercontinentalExchange Group (ICE) Tops Q2 EPS by 5c
IntercontinentalExchange Group (NYSE: ICE) reported Q2 EPS of $3.43, $0.05 better than the analyst estimate of $3.38. Revenue for the quarter came in at $1.1 billion versus the consensus estimate of $1.12 billion.
"Our performance in the first half of 2016 extends our track record of consistent growth and execution," said ICE Chairman and CEO Jeffrey C. Sprecher. "Revenues grew across both our trading and clearing and data and listings business segments and we accelerated expense synergies and reduced our 2016 expense guidance. As a result, we delivered double-digit earnings growth in the first half of 2016 and are positioned to continue delivering double-digit earnings growth even as we invest to build our business and generate industry leading returns."
Scott A. Hill, ICE CFO, said: "We generated over $1 billion of operating cash flows in the first six months of the year, which enabled us to reduce our debt by nearly $800 million and to return over $200 million to shareholders through dividends. In addition, our Board approved pursuing a 5-for-1 stock split to enhance trading efficiency and accessibility for all shareholders as well as a new $1 billion share repurchase program that supports our ability to consider additional capital returns to our shareholders."
Financial Guidance | ||||||||
| GAAP | Non-GAAP | |||||||
| 2016 Data Services Revenue | +125-126% y/y | +6-7% y/y on a pro forma basis(1) | ||||||
| 2016 Operating Expenses | $2.27-$2.30 billion(2) | $1.94-$1.97 billion(2) | ||||||
| 3Q16 Operating Expenses | $562-$572 million(3) | $485-$495 million(3) | ||||||
| 2016 Expense Synergies | ~$100 million | |||||||
| 2016 Weighted Average Shares Outstanding | 119-121 million shares for 3Q16 and 2016 | |||||||
For earnings history and earnings-related data on IntercontinentalExchange Group (ICE) click here.
