Securities exchange operator NYSE Euronext, Inc. (NYX) Friday reported a 32.6% decline in its third-quarter profit. On a non-GAAP basis, earnings were down 4.5%, yet came in line with analysts' forecast. Meanwhile, revenues rose year-over-year.
The company's net income for the quarter was $174 million or $0.66 per share, compared with $258 million, or $0.97 per share, last year.
Earnings per share for the latest quarter included $0.65 from continuing operations and $0.01 from the discontinued operations of GL Trade. The results also included $30 million of pre-tax merger expenses and exit costs, compared with $22 million in the previous year.
Included in the prior-year quarter results was a $32 million gain on the sale of the member firm regulatory functions of NYSE Regulation to FINRA, and a $55 million deferred tax benefit related to an enacted reduction of the UK corporate tax rate from 30% to 28%.
Excluding the operations of GL Trade, merger expenses, exit costs and other non-recurring items, net income totaled $192 million, or $0.72 per share, down from $201 million, or $0.75 per share, in the last-year quarter.
Analysts expected the company to report earnings of $0.72 per share for the quarter. For the sequentially preceding quarter,the New York-based bourse operator had reported net income of $195 million, or $0.73 per share.
Total revenues rose to $1.21 billion from $1.13 billion in the previous-year quarter. On a pro forma non-GAAP basis, total revenues rose 16% to $1.16 billion from $995 million a year ago. Wall Street analysts projected revenues of $817.31 million for the quarter. Total second-quarter revenues were $1.15 billion.
The exchange's U.S. cash markets, NYSE and NYSE Arca, reported average daily trading volume of 3.6 billion shares in the quarter, a 16.8% upside from last year. Total 231.8 billion shares traded during the quarter. European Cash Equities, Euronext, experienced average daily volume of 1.6 million trades, an increase of 15.7% from the same period last year.
Total cash trading revenues were $634 million, higher than $466 million generated in the year-ago quarter.
European Derivatives, Liffe, traded an average of 3.8 million futures and options contracts, a decline of 10.3% from the prior-year quarter. Meanwhile, US Derivatives, NYSE Arca Options and NYSE Liffe, recorded a 37.6% climb in average daily volume to 1.8 million contracts. Total revenue from derivatives trading reached $229 million, down from $243 million in the same quarter last year.
NYSE Euronext markets added 148 new listings, including exchange-traded products, compared with 124 in the same period last year. Listing revenues were $98 million, in comparison with $96 million in the year-ago quarter.
During the quarter, the exchange attracted 8 initial public offerings, compared with 48 last year. The decline in IPO market activity was largely attributable to unfavorable market conditions during the period.
As of September 30, 2008, NYSE Euronext had $1.2 billion of cash, cash equivalents, investment and other securities and $3.2 billion of debt.
The exchange announced a quarterly dividend of $0.30 per share, payable on December 31 to shareholders of record as of December 15.
On October 29, NYSE Euronext announced its intention to carry out a restructuring plan of its European operations in order to reduce fixed costs. The plan would include a proposed net headcount reduction of approximately 200 by the end of 2009.
For the nine-month period, the stock exchange reported net income of $600 million, or $2.26 per share, compared with $487 million, or $2.13 per share, last year. Total revenues grew to $3.49 billion from $2.84 billion in the prior-year period.
NYSE Euronext's peer, Nasdaq OMX Group Inc. (NDAQ) is scheduled to announce its third-quarter results on November 6. Analysts forecast earnings of $0.52 per share on revenues of $419.97 million.
NYX closed Thursday's trading at $28.10, up $1.93, on a volume of 5.40 million shares.
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