Intercontinental Exchange (ICE) reported financial results for the first quarter of 2016.
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Consolidated net income attributable to ICE was $369 million on $1.2 billion of consolidated revenues less transaction-based expenses. On a GAAP basis, diluted earnings per share (EPS) in the first quarter were $3.08.
ICE's operating results include amortization of acquisition-related intangibles, NYSE and Interactive Data transaction and integration-related expenses and other adjustments that are not reflective of ICE's cash operations or core business performance.
Excluding these items, net of tax, first quarter 2016 adjusted net income was $441 million and adjusted diluted EPS were $3.68, an increase of 20% over the prior first quarter.
"This was the best quarter in the company’s history, and was driven by growth across our global markets and data services business," said ICE Chairman and CEO Jeffrey C. Sprecher.
"Our solid top-line growth combined with our strong expense management, including the acceleration of synergies, resulted in our seventh consecutive quarter of double-digit earnings growth.
"This strong performance reflects our team's ability to deliver strong operational results, even as we consider potential strategic opportunities. Our focus on executing on our objectives for our customers and shareholders will continue to drive our growth.â€
Scott A. Hill, ICE CFO, said: “We generated nearly $600 million of operating cash in the quarter, which enabled us to invest in growth, reduce our debt by over $500 million and return over $100 million to shareholders through dividends in the first quarter.
"Our dividends continue to grow as the company grows, with the dividend payout representing a 14% increase compared to the payout in the fourth quarter of last year.
"And we demonstrated that we have the ability to rapidly reduce our leverage as we integrate our businesses, ultimately providing greater flexibility to increase capital returns to our shareholders sooner." ■