(Reuters) - Intercontinental Exchange Inc (ICE.N), owner of the New York Stock Exchange, posted a better-than-expected quarterly profit as a spike in market volatility pushed trading volumes higher.
Volatility surged in February after a prolonged calm in 2017, roiling global equities, bonds, currencies and commodities markets, with turbulence remaining elevated through the end of March, benefiting exchange operators.
Revenue from the transaction and clearing unit, its biggest business, rose 12.5 percent to $898 million.
Revenue from its data services unit, which publishes daily indexes and historical price data, remained unchanged from the year-ago quarter.
Operating expenses fell 1.5 percent to $575 million.
ICE expects second quarter operating expenses in the range of $570 million to $580 million.
Full-year 2018 adjusted expense forecast was also updated to between $2.00 billion and $2.04 billion, from a prior view of $2.00 billion to $2.05 billion.
Net income attributable to the company fell to $464 million, or 79 cents per share, in the first quarter ended March 31, from $503 million, or 84 cents per share, a year earlier.
On an adjusted basis, the company earned 90 cents per share, beating analysts’ estimate of 88 cents per share, according to Thomson Reuters I/B/E/S.
Total revenue, excluding transaction-based expenses, rose 5 percent to $1.23 billion.
Shares of the Atlanta, Georgia-based company were down marginally in premarket trading.
Reporting by Nikhil Subba in Bengaluru; Editing by Shailesh Kuber