Cboe Global Markets Misses Earnings, Revenue Estimates -- Earnings Review
10 February 2018 - 12:43AM
Dow Jones News
By Cara Lombardo
Cboe Global Markets Inc. (CBOE) shares are down 2.9% premarket
Friday after it reported its fourth-quarter earnings. Here's what
you need to know:
EARNINGS: The exchange operator reported net income of $257.1
million, or $2.26 a share. Excluding the impact of the new tax law
and one-time items, the company earned 87 cents a share. Analysts
polled by Thomson Reuters had expected adjusted earnings of 88
cents a share.
REVENUE: Net revenue increased 7% to $265.6 million, less than
the $267.2 million analysts had expected.
TAX CHARGE: Cboe's results included a $191.5 million benefit
stemming from remeasurement of deferred tax positions under the new
U.S. tax law.
GUIDANCE: The company said it expects operating expenses to
increase 1% to 3% in 2018, and its effective tax rate to be between
26.5% and 28.5%.
VOLATILITY: The earnings report comes two days after the company
held a conference call to address concerns about market volatility
and its lucrative volatility-related business. Goldman Sachs and
JPMorgan both lowered ratings on Cboe shares this week on fears
investors might leave these franchises.
Write to Cara Lombardo at cara.lombardo@wsj.com
(END) Dow Jones Newswires
February 09, 2018 08:28 ET (13:28 GMT)
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