TMX Group Limited (TSX:X) has announced results for the second quarter ended June 30, 2016.
Some of the highlights include:
• Record quarterly revenue of $194.6 million in Q2/16 up 9% from $178.7 million in Q2/15
• Record quarterly diluted earnings per share of $1.07 in Q2/16 compared with earnings per share of 51
cents in Q2/15
• Record quarterly adjusted diluted earnings per share of $1.23 in Q2/16, up 32% compared with 93 cents
per share in Q2/15
• Adjusted diluted earnings per share of $1.23 in Q2/16 excludes 13 cents per share of amortization of
intangibles related to acquisitions and 3 cents per share for strategic re-alignment expenses
Commenting on the second quarter of 2016 and looking towards the future, Lou Eccleston, Chief Executive Officer of TMX Group, said:
Our record performance this past quarter reflects increased market demand for our products and services, as well as the significant benefits from the progress we have made in advancing our strategy, particularly in continuing to re-align our cost structure. We are also making excellent strides in developing new products to diversify our revenue and position the company for future success. Execution of our plans will continue throughout 2016, as we introduce new solutions and explore more ways to draw on the intrinsic strength of the organization while pushing forward with the integration of systems and organizational structures designed to deliver competitive advantages for our clients and improve profitability for shareholders.”
Commenting on operating performance in Q2/16, John McKenzie, Chief Financial Officer of TMX Group, said:
We were very pleased with our record financial performance in the second quarter. Continued market volatility drove significant increases in volumes across our markets, translating into solid revenue growth and even stronger earnings growth. The results this quarter demonstrate the strength and leverage in our business model when revenue growth is combined with maintaining an aggressive approach to cost efficiency. Our success in managing costs in the second quarter is indicative of the efficiencies we are looking to drive throughout the organization. As we look to further reduce costs going forward, we expect to incur additional strategic re-alignment expenses for the balance of 2016.”
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