Thursday, operator of futures exchanges CME Group Inc. (CME) reported a rise in profit for third quarter from last year, predominantly on lower expenses and tax provision. However, on pro forma non-GAAP basis, earnings declined from last year, reflecting the absence of NYMEX pre-merger revenue present in year-ago period.
The Chicago, Illinois-headquartered company's net income was $202.3 million or $3.04 per share, up from $168.7 million or $2.81 per share for the same quarter last year.
Pro forma non-GAAP net income for the quarter was $223.0 million or $3.35 per share, compared to $277.8 million or $4.13 per share a year earlier.
On average, nineteen analysts polled by Thomson Reuters expected the company to report earnings of $3.29 per share for the quarter. Analysts' estimates typically exclude special items.
Total revenues for the quarter was $650.4 million, up from $680.9 million in the prior year quarter, while pro forma non-GAAP total revenues declined to $650.4 million from $786.8 million a year-ago. Analysts had estimated revenues of $650.74 million for the quarter.
For the same period last year, pro forma non-GAAP total revenues had included a NYMEX pre-merger revenue of $124.3 million.
On GAAP basis, the company's major source of revenue, clearing and transaction fees decreased to $540.6 million from $558.7 million in the year-ago period. Processing services revenues were also down at $0.1 million, compared to $17.9 million a year earlier.
Quotation data fees for the quarter was $81.4 million, up from $75.7 million in the prior year period. Access and communication fees increased to $11.7 million from $10.9 million last year.
Quarterly average daily volume or ADV dropped to 10.13 million from 13.14 million for the same period last year, mainly due to drop in interest rates ADV to 4.42 million from 6.03 million last year as well as drop in equities ADV to 2.66 million from 3.84 million a year earlier.
Operating income declined to $401.4 million from $420.7 million a year-ago. Total expenses for the third quarter dropped to $249.0 million from $260.2 million a year-ago. Total non-operating income and expense rose to $45.6 million from $24.7 million in the year-ago period, reflecting an impairment charge related to long-term investment of $22.4 million and rise in interest and other borrowing costs of $32.1 million, compared to $17.9 million last year.
For the nine months, on GAAP basis, net income declined to $623.2 million or $9.37 per share from $653.4 million or $11.61 per share last year. Total revenues rose to $1.95 billion from $1.87 billion in the same period a year earlier.
On pro forma non-GAAP basis, net income dropped to $659.9 million or $9.92 per share from $844.1 million or $12.59 per share a year-ago. Total non-GAAP revenues was down at $1.95 billion from $2.36 billion last year.
Thursday, CME closed at $313.77, up $5.75 or 1.87% on a volume of 1.53 million shares on Nasdaq.
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