CME Group Inc. (CME:US), the world’s largest futures market, said fourth-quarter profit fell, compared with a year-earlier period that included a $528 million Illinois state tax benefit.
Net income dropped to $166.8 million, or 50 cents a share, from $746 million, or $2.25 a share, a year earlier, Chicago- based CME said today in a statement distributed by PR Newswire. Excluding charges of $43.5 million related to the state income tax and other items, profit was 63 cents per share, falling short of the average estimate of 64 cents in a Bloomberg survey of analysts. CME Group split its stock (CME:US) five-for-one in July.
Average daily volume in the quarter fell 13 percent, led by equity index, energy and interest rate contracts, CME Group said last month. Volume may fall 2 percent this year and not pick up until the end of 2014, Niamh Alexander, an analyst at KBW Inc. in New York said in December note to clients. She expected the company to earn 63 cents a share.
Revenue fell 10.3 percent to $661 million last quarter, from $737 million a year ago, the company said.
CME Group shares (CME:US) have risen 8.2 percent over the past year. They gained 1.5 percent to $59.18 today in New York.
(CME Group will hold a conference call for analysts and investors at 4:30 p.m. New York time. To listen, access the company’s Website at http://www.cmegroup.com)
To contact the reporter on this story: Matthew Leising in New York at firstname.lastname@example.org
To contact the editor responsible for this story: Alan Goldstein at email@example.com