Intercontinental
Exchange (ICE) has announced a significant uptick in its financial metrics for
the third quarter of 2023. The data and technology powerhouse’s net revenues
reached a record $2.0 billion, marking an 11% year-over-year (YoY) increase.
This financial surge is attributed to the strategic acquisition of Black
Knight, a move that expanded ICE’s mortgage network and fortified its growth
trajectory.
The third
quarter saw ICE’s GAAP diluted earnings per share (EPS) climb to $0.96, with an
adjusted EPS of $1.46. The operating income was reported at $845 million, a
slight decrease from the previous year, but the adjusted operating income
soared to $1.2 billion, reflecting a 10% YoY growth. The operating margin stood
firm at 42%, with an adjusted figure hitting 59%.
Jeffrey C.
Sprecher, the Chairman and Chief Executive Officer, emphasized the company’s
resilience and adaptability, pivotal in maintaining growth momentum across
diverse economic climates. “Our customers continue to rely on our
mission-critical data and technology to manage risk and capture workflow
efficiencies through an array of macroeconomic environments, reflecting the
all-weather nature of our business model.”
The
company’s revenue streams are diverse, with exchange net revenues of $1.1
billion, fixed income and data services revenues of $559 million, and mortgage
technology revenues of $330 million. The exchange segment, in particular,
demonstrated robust performance with a 72% operating margin, while the fixed
income and data services segment posted a 44% adjusted operating margin.
Tune in to the $ICE 3rd Quarter 2023 Earnings Conference Call & Webcast
November 2, 2023, 8:30am ET #ICEearnings
— ICE (@ICE_Markets) November 1, 2023
Future Outlook and
Strategic Moves
ICE
forecasts its fourth-quarter GAAP operating expenses to be between $1.21
billion and $1.22 billion, with adjusted operating expenses slightly lower. The
company’s capital expenditures for the year have been adjusted to account for
the inclusion of Black Knight in September 2023.
“We
completed our strategic acquisition of Black Knight, expanding our mortgage
network while also enhancing the resiliency of our long-term growth profile,”
Sprecher added. “As we look to balance of the year and beyond, we remain
focused on continuing to drive innovation, deliver workflow efficiencies, and
deliver value to our stockholders.”
ICE is another major industry player that reported its financial results on Thursday. Finance Magnates previously informed that Broadridge began the 2024 fiscal year strongly, reporting an 8% increase in total income.
Intercontinental
Exchange (ICE) has announced a significant uptick in its financial metrics for
the third quarter of 2023. The data and technology powerhouse’s net revenues
reached a record $2.0 billion, marking an 11% year-over-year (YoY) increase.
This financial surge is attributed to the strategic acquisition of Black
Knight, a move that expanded ICE’s mortgage network and fortified its growth
trajectory.
The third
quarter saw ICE’s GAAP diluted earnings per share (EPS) climb to $0.96, with an
adjusted EPS of $1.46. The operating income was reported at $845 million, a
slight decrease from the previous year, but the adjusted operating income
soared to $1.2 billion, reflecting a 10% YoY growth. The operating margin stood
firm at 42%, with an adjusted figure hitting 59%.
Jeffrey C.
Sprecher, the Chairman and Chief Executive Officer, emphasized the company’s
resilience and adaptability, pivotal in maintaining growth momentum across
diverse economic climates. “Our customers continue to rely on our
mission-critical data and technology to manage risk and capture workflow
efficiencies through an array of macroeconomic environments, reflecting the
all-weather nature of our business model.”
The
company’s revenue streams are diverse, with exchange net revenues of $1.1
billion, fixed income and data services revenues of $559 million, and mortgage
technology revenues of $330 million. The exchange segment, in particular,
demonstrated robust performance with a 72% operating margin, while the fixed
income and data services segment posted a 44% adjusted operating margin.
Tune in to the $ICE 3rd Quarter 2023 Earnings Conference Call & Webcast
November 2, 2023, 8:30am ET #ICEearnings
— ICE (@ICE_Markets) November 1, 2023
Future Outlook and
Strategic Moves
ICE
forecasts its fourth-quarter GAAP operating expenses to be between $1.21
billion and $1.22 billion, with adjusted operating expenses slightly lower. The
company’s capital expenditures for the year have been adjusted to account for
the inclusion of Black Knight in September 2023.
“We
completed our strategic acquisition of Black Knight, expanding our mortgage
network while also enhancing the resiliency of our long-term growth profile,”
Sprecher added. “As we look to balance of the year and beyond, we remain
focused on continuing to drive innovation, deliver workflow efficiencies, and
deliver value to our stockholders.”
ICE is another major industry player that reported its financial results on Thursday. Finance Magnates previously informed that Broadridge began the 2024 fiscal year strongly, reporting an 8% increase in total income.
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- Source: https://www.financemagnates.com//institutional-forex/ice-shatters-expectations-with-a-2-billion-revenue-record/
