ICE 1Q Net Up as Market Volatility Boosts Exchange Revenue
05 May 2022 - 10:30PM
Dow Jones News
By Rob Curran
Intercontinental Exchange Inc. posted an increase in
first-quarter earnings as energy- and stock-market volatility
boosted revenue at its exchanges, offsetting a slowdown in
mortgage-related operations, which it has recently expanded.
The exchange operator and mortgage-data provider Thursday posted
net income attributable to the company of $657 million, or $1.16 a
share, up from $646 million, or $1.14 a share, a year earlier.
Excluding certain items, the owner of the New York Stock
Exchange and other major exchanges logged adjusted earnings of
$1.43 a share.
Revenue rose 1.2% to $2.46 billion from $2.43 billion, it
said.
Exchange revenue rose 11% to $1.08 billion, with marked strength
in energy-commodities trading revenue, which represented more than
one third of that total and grew by 14%. Oil and natural-gas
futures skyrocketed during the quarter.
Fixed-income and data-services revenue rose 9% to $509 million.
Mortgage-technology revenue slid 13% to $307 million, the company
said.
Intercontinental Exchange on Wednesday said it agreed to buy
mortgage-data company Black Knight Inc. in a cash-and-stock deal
valued at $13.1 billion, expanding its mortgage operations.
Write to Rob Curran at rob.curran@wsj.com
(END) Dow Jones Newswires
May 05, 2022 08:15 ET (12:15 GMT)
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