ICE 2nd-quarter profit increases 47 percent, beats forecast

Industries Associated Press

IntercontinentalExchange Group's second-quarter profit climbed 47 percent and topped Wall Street expectations as it sold off assets that had belonged to the NYSE.

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Net income reached $226 million, or $1.95 per share, from $154 million, or $2.09 per share, in the same quarter a year ago.

Earnings, adjusted for one-time gains and costs, came to $2.10 per share, which was 7 cents better than analysts had projected, according to a poll by Zacks Investment Research.

Those adjusted figures exclude $36 million and the related tax impact of integrating the NYSE Euronext, which ICE acquired in late 2012.

Revenue more than doubled to $750 million from $372 million, though Wall Street was looking for something closer to $794.8 million, according to Zacks.

Shares of IntercontinentalExchange Group Inc. have fallen $32.70, or 15 percent, to $192.22 since the beginning of the year, while the Standard & Poor's 500 index has climbed 3.9 percent. However, the stock has risen $7.23, or 3.9 percent, in the last 12 months.

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The company also declared a quarterly dividend of 65 cents. ICE's next dividend is payable Sept. 30 to shareholders of record on Sept. 12.