May 8 IntercontinentalExchange Group Inc , the exchange and clearing house operator, on Thursday reported stronger-than-expected first-quarter earnings due to income from new businesses.
Net income for the parent of the New York Stock Exchange rose to $262 million, or $2.27 a share, from $135 million a year ago, or $1.85 a share. Excluding $60 million in costs related to the acquisition and integration of NYSE Euronext, adjusted earnings were $2.60 a share, beating analysts' expectations for $2.58, according to Thomson Reuters I/B/E/S.
Revenue increased to $932 million from $352 million a year ago, above expectations for $922.9 million.
Financial results were driven by the addition of new businesses, growth in ICE's global agriculture complex and a record quarter for clearing of credit default swaps, Chief Financial Officer Scott Hill said.
ICE closed the NYSE deal in November, giving it an entry into the interest rate futures business through control of Liffe, Europe's No. 2 derivatives market. (Reporting by Tom Polansek; Editing by Chizu Nomiyama)