UPDATE: NYSE Euronext 1Q Net Profit Rose 25% To $130 Million
04 Maggio 2010 - 12:08PM
Dow Jones News
NYSE Euronext (NYX) said Tuesday that first-quarter profit rose
25% as its expanding derivatives business countered the impact of
fierce price competition in the European stock trading sector.
For the first time, the transatlantic exchange group derived
more than half of its operating profit from futures and options
trading, and matched analysts' expectations after four straight
quarters of beating forecasts.
Net profit for the three months ended March 31 increased to $130
million from $104 million a year earlier, while operating profit
increased 19% to $218 million and revenue rose 7%--a fourth
straight quarterly increase--to $645 million. Earnings per share
rose to 50 cents from 40 cents.
First-quarter earnings included costs from the acquisition of
Nyfix, a trading technology company. Excluding pretax merger
expenses and exit costs, profit was $140 million in the first
quarter, or $0.54 per diluted share, up from $112 million and $0.43
a share in the first quarter of 2009.
"Our solid first quarter results were driven by strong growth
from our derivatives businesses and the first full-quarter's impact
of the Nyfix acquisition," said Duncan Niederauer, chief
executive.
The company also said it made $175 million from the sale of
National Stock Exchange of India after the end of the quarter.
Singapore's state-owned investment company Temasek Holdings Ltd.
bought the 5% stake, according to people familiar with the
situation.
Operating margin in derivatives rose to 58% in the derivatives
unit from 41% a year earlier and 51% in the prior quarter.
NYSE Euronext was formed in 2007 by the combination of NYSE
Group Inc. and pan-European bourse operator Euronext NV. The
company's shares closed Monday in New York up 1.1%, or $0.37, at
$33.00.
-By David Pearson and Jethro Mullen, Dow Jones Newswires; +331
4017 1740, david.pearson@dowjones.com,
hethro.mullen@dowjones.com
(Doug Cameron contributed to this article.)
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