Cuts lift NYSE Euronext earnings

City A.M. Reporter
NYSE EURONEXT, which is being bought for $8.2bn (£5.4bn) by IntercontinentalExchange, yesterday reported a 38 per cent rise in second-quarter earnings, helped by cost cuts and one-off gains.

The New York Stock Exchange’s parent said net income was $173m, or 71 cents a diluted share, compared with $125m, or 49 cents a share, a year earlier. Stripping out one-off items, including gains as well as costs related to the exchange operator’s takeover by ICE, net income was 63 cents per share.

Revenue rose one per cent to $611m, versus expectations of $601.5m.

Fixed operating expenses fell by four per cent, excluding merger expenses and exit costs, to $382m, the company said.