Intercontinental Exchange Inc (NYSE:ICE), the international network of exchanges and clearing houses, has just reported its financial metrics for the second quarter and first half of 2015, with the company boasting a set of record results on the back of solid performance across commodities, cash equities, data services and listings.
Consolidated data services brought record revenues of $191 million in the quarter to June 30, 2015.
Listings revenues also set a record – $101 million, up 12% compared to the second quarter of 2014.
“Our focus on achieving our objectives resulted in another record quarter. This was driven by diverse contributions across commodities, cash equities, data services and listings,” said ICE Chairman and CEO Jeffrey C. Sprecher. “We are executing on many strategic growth initiatives across our derivatives and equity markets, and are focused on innovation to better serve our customers while delivering strong returns for our shareholders.”
Scott A. Hill, ICE CFO, said:
“We again grew revenues and reduced expenses while taking a disciplined approach to investing in growth. All of this enabled us to grow adjusted earnings 27% year on year. We continue to generate strong cash flow and maintain a strong balance sheet with low leverage. We retired $1 billion in debt and returned $288 million to shareholders through dividends and share repurchases during the quarter.”
Highlights for Second Quarter 2015
- Adjusted net income from continuing operations attributable to ICE rose 23% year-on-year to $323 million.
- Second quarter 2015 consolidated revenues, stripping off transaction-based expenses, rose 6% to $797 million compared to the equivalent period in 2014. The number includes $448 million of transaction and clearing revenues, excluding transaction-based expenses.
- Consolidated data services revenues for the second quarter of 2015 were a record $191 million, up 29% year-over-year and listings revenues were a record $101 million, up 12% compared to the second quarter of 2014.
- Consolidated operating income for the second quarter was $430 million and operating margin was 54%.
Highlights for First Half 2015
- Consolidated revenues, excluding transaction-based costs, amounted $1.6 billion in the first half of 2015, up 6% from the same period in 2014.
- Consolidated data services revenues for the first half of 2015 were a record $378 million, up 24% from the first half of 2014.
- Listings revenues were a record $202 million, up 12% compared to the first half of 2014.
- Consolidated cash flows from operations amounted to $770 million in the first half of 2015. Operational capital expenditures were $52 million and capitalized software development costs totaled $44 million.
Financial outlook for Q3 2015 and Q4 2015
- ICE forecasts third and fourth quarter 2015 adjusted operating expenses to be in the range of $330 million to $335 million per quarter.
- ICE expects second half 2015 consolidated tax rate in the range of 28% to 31%.
- ICE’s diluted share count for the third quarter and full year 2015 is expected to be in the range of 110 million to 112 million weighted average shares outstanding, including share repurchases through July 2015.
To view the official announcement by ICE, click here.