CME Group Reports 17% Drop in Earnings
May 01 2019 - 3:45PM
Dow Jones News
By Robert Barba
CME Group Inc. reported a 17% decline in net income in the first
quarter.
The derivatives marketplace reported net income of $497 million,
or $1.39 a share, in the quarter, compared with $599 million, or
$1.76 a share, a year earlier.
The company, led by Chairman and CEO Terry Duffy, reported
adjusted earnings of $1.62 a share, down from $1.86 a year
earlier.
Analysts polled by FactSet expected earnings of $1.46 a share
and adjusted earnings of $1.60 a share.
Revenue totaled $1.18 billion, up from $1.10 billion a year
earlier.
Analysts expected sales of $1.19 billion. Shares fell about
2%.
Last year, the Chicago-based exchange operator that handles
futures contracts on a range of commodities and financial
instruments, completed a deal to buy NEX, an electronic foreign
currency and fixed-income trading platform.
CME's clearing and transaction fees, the company's largest
source of revenue, slipped 2% to $953 million during the quarter,
while its market data and information services had revenue of $130
million, up nearly 37%.
Total expenses rose 49% to $549 million, largely driven by
higher compensation and benefits costs.
Write to Robert Barba at Robert.Barba@wsj.com
(END) Dow Jones Newswires
May 01, 2019 16:30 ET (20:30 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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