Reuters: Regulatory News: UPDATE 1-NYSE Euronext earnings rise helped by cost cuts

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UPDATE 1-NYSE Euronext earnings rise helped by cost cuts Jul 30th 2013, 07:45 Tue Jul 30, 2013 3:45am EDT * EPS 71 cents, 63 cents excluding one-offs * Revenues rise 1 pct to $611 mln * I/B/E/S forecast 58 cents EPS, $601.5 mln revenue PARIS/NEW YORK, July 29 (Reuters) - NYSE Euronext, which is being bought for $8.2 billion by IntercontinentalExchange, reported a 38 percent rise in second-quarter earnings, helped by cost cuts and one-off gains, the transatlantic exchange operator said on Tuesday. The New York Stock Exchange parent said net income was $173 million, or 71 cents a diluted share, compared with $125 million, or 49 cents a share, a year earlier. Stripping out one-off items, including gains as well as costs related to the exchange operator's takeover by ICE, net income was 63 cents per share. Analysts, on average, expected NYSE to report earnings of 58 cents a share, according to Thomson Reuters I/B/E/S. Revenue rose 1 percent to $611 million, versus expectations of $601.5 million. Fixed operating expenses fell by 4 percent, excluding merger expenses and exit costs, to $382 million, the company said. NYSE announced in December that it was being bought by Atlanta-based derivatives market and clearing house operator ICE. The deal, expected to close in the second half, gives ICE control of Liffe, Europe's second-largest derivatives market. Shareholders of both companies have signed off on the deal, as has the European Commission. Approval is still needed from the U.S. Securities and Exchange Commission and national regulators in Europe. The exchange said it would pay a third-quarter dividend of 30 cents a share provided the ICE deal had not been completed by September 16. ICE and NYSE plan to spin off Euronext, which operates the Paris, Amsterdam, Brussels and Lisbon stock exchanges, after the deal has been completed. ICE is due to report its quarterly results next Tuesday. Link this Share this Digg this Email Reprints

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