COMMODITIES exchange IntercontinentalExchange yesterday reported a dip in third-quarter profit as over-the-counter (OTC) North American natural gas and power contracts declined.
However the results topped analyst expectations, helped by a lower tax rate and a drop in expenses.
Net income attributable to the Atlanta-based exchange was $131.1m (£82m), or $1.79 a share, in the third quarter, down from $132.6m, or $1.80 a diluted share, a year earlier. Analysts had forecast earnings of $1.72 a share.
The outcome was “the result of financial discipline, a lean operating model, and the ability to concurrently execute on multiple strategic growth opportunities”, Scott Hill, ICE’s chief financial officer, said in a release.
Revenue fell five per cent to $323.2m, while analysts had expected it to be $325.1m. This was largely due to softer market data revenues than expected, UBS analyst Alex Kramm said. Operating expenses fell six per cent to £129m.
City A.M. Reporter