Intercontinental Exchange (ICE) has reported 36.04 percent jump in profit for the quarter ended Mar. 31, 2017. The company has earned $502 million, or $0.84 a share in the quarter, compared with $369 million, or $0.62 a share for the same period last year. On an adjusted basis, net profit for the quarter was stable at $441 million, or $0.74 a share, when compared with the last year period.
Revenue during the quarter dropped 5.47 percent to $1,469 million from $1,554 million in the previous year period. Gross margin for the quarter expanded 498 basis points over the previous year period to 79.24 percent. Total expenses were 60.38 percent of quarterly revenues, down from 62.42 percent for the same period last year. This has led to an improvement of 204 basis points in operating margin to 39.62 percent.
Operating income for the quarter was $582 million, compared with $584 million in the previous year period.
"The solid volume and open interest growth in our futures markets, together with strong results in our data and listings segment, demonstrates that we are holistically serving our customers on a global scale by leveraging our comprehensive trading, data and risk management solutions," said ICE chairman & chief executive officer Jeffrey C. Sprecher. "Our progress in reorganizing and integrating our data services allows us to serve our customers in new ways as their needs evolve. In addition, our success in hosting virtually every recent major IPO at the NYSE, demonstrates how our unique market model continues to be the preferred model for listed companies."
Working capital remains negativeWorking capital of Intercontinental Exchange was negative $933 million on Mar. 31, 2017 compared with negative $1,082 million on Mar. 31, 2016. Current ratio was at 0.98 as on Mar. 31, 2017, up from 0.98 on Mar. 31, 2016. Days sales outstanding went up to 52 days for the quarter compared with 48 days for the same period last year.
At the same time, days payable outstanding went up to 89 days for the quarter from 70 for the same period last year.
Debt comes downIntercontinental Exchange has recorded a decline in total debt over the last one year. It stood at $6,248 million as on Mar. 31, 2017, down 7.66 percent or $518 million from $6,766 million on Mar. 31, 2016. Total debt was 7.86 percent of total assets as on Mar. 31, 2017, compared with 8.55 percent on Mar. 31, 2016. Debt to equity ratio was at 0.40 as on Mar. 31, 2017, down from 0.45 as on Mar. 31, 2016. Interest coverage ratio improved to 12.93 for the quarter from 12.70 for the same period last year. Disclaimer: Please note that this is an auto-generated article. IRIS does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. IRIS especially states that it has no financial liability whatsoever to any user on account of the use of information provided on its website. For queries contact: [email protected]
