Bloomberg News

Intercontinental Exchange Net Rises on European Trading

November 02, 2011

(Adds commissions in third paragraph.)

Nov. 2 (Bloomberg) -- Intercontinental Exchange Inc., the second-largest U.S. futures market, said third-quarter profit rose 38 percent, led by over-the-counter and futures energy trading.

Net income climbed to $133 million, or $1.80 a share, from $96.3 million, or $1.29 a share, a year earlier, the Atlanta- based company said today in a statement distributed by PR Newswire. Profit excluding acquisition-related costs was $1.87 a share, beating the $1.77 per share average estimate of 20 analysts surveyed by Bloomberg.

Daily commissions for energy over-the-counter transactions averaged $1.54 million in the quarter, up 13 percent from the year-earlier period, the company said last month. Average daily trading volume at its London-based ICE Futures Europe rose 28 percent from the year-ago period to 1.07 million contracts. The exchange trades futures for heating oil and Brent crude, which sets the price for oil outside the U.S.

“The increase in transaction and clearing revenues was driven primarily by volume growth in the Brent, Gasoil, ECX emissions and Russell Index futures and options contracts,” the company said in the statement. Growth in North American OTC natural gas contracts, as well as those based on power and global oil trades also boosted revenue, the company said.

Revenue rose 19 percent to $341 million from $287 million.

Intercontinental fell $6.62 to $123.26 yesterday in New York Stock Exchange composite trading. The shares have advanced 8.6 percent in the past year through yesterday.

(Intercontinental plans to hold a conference call for investors and analysts at 8:30 a.m. New York time, accessible on the company’s Web site at www.theice.com.)

--Editors: John Parry, Dave Liedtka

To contact the reporter on this story: Matthew Leising in New York at mleising@bloomberg.net

To contact the editor responsible for this story: Alan Goldstein at agoldstein5@bloomberg.net


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