NYSE Euronext Profit Hit By Currency Moves, Failed Merger
30 Aprile 2012 - 9:53AM
Dow Jones News
Exchange operator NYSE Euronext (NYX) said Monday that tough
economic conditions will keep the company under pressure near-term
as it reported a 44% net profit decline in the first quarter, hit
by currency losses and charges from its failed merger with
Germany's Deutsche Boerse AG (DB1.XE).
Net profit was $87 million compared with $155 million a year
earlier, while revenue slipped to $601 million from $679 million,
hurt in part by of lower trading volume in derivatives.
The company declared a cash dividend of $0.30 a share for the
second quarter.
NYSE Euronext said it bought back 4.3 million shares at an
average price of $29.73 per share in the first quarter.
First-quarter net revenue from the exchange's derivatives unit
was $176 million, down 25% from a year earlier, including a $3
million hit from currency losses. The company attributed the
revenue fall to lower trading volume and reduced pricing for
individual equity options and index futures.
Revenue related to information services and technological
solutions increased 4% in the first quarter to $121 million. It
took a $2 million hit from currency fluctuations, NYSE Euronext
said.
Following its failed tie-up with Deutsche Boerse, NYSE Euronext
is launching a revamped two-year standalone plan aimed at lifting
profit. The EU blocked the merger earlier this year on anti-trust
grounds, as the would-be new company would have had a dominant 93%
share of Europe's on-exchange derivatives business.
"Looking ahead into 2013 and 2014, we are focused on creating
value by enhancing the underlying earnings power of the company and
solidly executing on the three core pillars of our earnings growth
strategy outlined at our investor day," Chief Executive Duncan
Niederauer said in Monday's statement.
-By Noemie Bisserbe, Dow Jones Newswires; +33 1 4017 1756;
noemie.bisserbe@dowjones.com
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