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NYSE acquisition boosts ICE profit; revenue soars

NYSE Euronext purchase boosts IntercontinentalExchange's quarterly profit and revenue spikes

Associated Press

ATLANTA (AP) -- First-quarter profit nearly doubled at IntercontinentalExchange Group after its acquisition of the New York Stock Exchange.

The stock exchange operator paid about $11 billion in November for NYSE Euronext, the parent company of the NYSE, which also owns stock exchanges in Europe.

Net income rose to $262 million, or $2.27 per share, in the quarter ending March 31, compared with net income $135 million, or $1.85 per share, in the same quarter a year ago. Removing the charges related to the big acquisition, the company earned $2.60 per share, which is in line with Wall Street expectations, according to FactSet.

Yet revenue nearly tripled to $932 million, easily topping analyst projections for $923.2 million.

IntercontinentalExchange Group Inc., based in Atlanta, has been growing quickly by targeting other exchange. It completed its acquisition of the Singapore Mercantile Exchange in February.