CME Group in tax bill boost

Michael Bow
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CME Group, the Chicago futures exchange operator, beat analyst expectations yesterday to record a higher income per share figure compared to a year ago, due to a lower than expected tax bill.

Total net income fell to $244.9m (£156m) from $293.7m a year ago but net income per share rose to 89 cents – seven cents ahead of analyst expectations of 82 cents a share – after adjusting for a one-time tax bill.

“It’s a little better than expected, but not nearly as much as that 89 cent headline number would imply. The vast majority of the beat seems to be on lower than expected taxes,” Macquarie Securities analyst Ed Ditmire said.