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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