IntercontinentalExchange 1Q profit declines 22 pct

Exchange operator IntercontinentalExchange Inc. said Tuesday its first-quarter profit fell 22 percent due to acquisition and restructuring costs and lower average daily commissions.

The commodities exchange operator, which is predominantly in energy futures, said its net income dropped to $72.2 million, or 98 cents per share, from $92.3 million, or $1.29 per share, in the year-ago period.

Excluding a $13 million impairment charge related to ICE's acquisition of The Clearing Corp., net income was $80 million, or $1.09 per share, during the latest quarter.

ICE's revenue increased 12 percent to $231.6 million from $207.3 million amid a sharp jump in transaction and clearing fees. The jump was driven by new product launches and improved trading volume in futures and global over-the-counter segments.

Analysts polled by Thomson Reuters, on average, forecast earnings of 95 cents per share for the quarter on revenue of $230.3 million. Analysts typically exclude special items from their estimates.

Transaction revenue rose 1 percent in the futures segment and 32 percent in the global over-the-counter segment. Average daily commissions in ICE's over-the-counter energy markets fell 16 percent.

Last month, ICE said combined average daily volume for its futures exchange was flat in the first quarter from a year earlier. On Monday, it reported a 14 percent gain for April.

Shares of IntercontinentalExchange rose $4.30, or 4.8 percent, to $94.73 shortly after the market opened. The stock has ranged from $49.69 to $167.28 over the past year.