Deutsche Boerse lowers FY revenue target, blames weak market
FRANKFURT Oct 29 (Reuters) - German exchange operator Deutsche Boerse abandoned its 2012 revenue target after third-quarter revenues dropped due to subdued fiancial markets.
Third-quarter earnings before interest and taxes (EBIT) fell to 245.4 million euros ($316.69 million) in the third quarter, down from 333 million euros in the same period a year earlier, the Frankfurt-based stock and derivatives exchange operator said on Monday.
Deutsche Boerse had been expected to post quarterly earnings before interest and tax (EBIT) of 247 million euros, a Reuters poll showed.
Based on the continued weak capital market environment in October, the company said it now expects full-year 2012 net revenue of around 1.95 billion euros, well below the target range of between 2.15 billion euros to 2.3 billion euros.
In July, Deutsche Boerse signalled it may have to abandon its full-year revenue target.
For the third quarter, Deutsche Boerse said net revenue was 471 million euros, down from the 578.6 million in the year-earlier period.