ATLANTA & NEW YORK – Intercontinental Exchange (NYSE: NYSE:), a leading operator of global exchanges and clearing houses, reported first-quarter earnings that fell slightly short of analysts’ expectations.
The company posted adjusted earnings per share (EPS) of $1.48, slightly below the consensus estimate of $1.49. Revenue also fell short of expectations, coming in at $2.3 billion versus expectations of $2.31 billion.
The company’s share price reacted negatively to the earnings release, falling 5.46%.
ICE’s 2024 outlook for Mortgage Technology segment revenue growth is projected to remain flat to decline in the low single digits. Additionally, the company expects full-year 2024 GAAP operating expenses to be between $4.87 billion and $4.90 billion, with adjusted operating expenses expected to be between $3.79 billion and $3.82 billion.
For the second quarter of 2024, ICE forecasts GAAP operating expenses to be between $1.21 billion and $1.22 billion, and adjusted operating expenses to be between $945 million and $955 million. The company also estimates second-quarter GAAP non-operating expenses to be between $225 million and $230 million, with adjusted non-operating expenses expected to be between $205 million and $210 million. Diluted shares for the second quarter are forecast to range from 572 million to 578 million weighted average shares outstanding.
ICE declared a dividend of $0.45 per share for the second quarter of 2024, an increase of 7% from the $0.42 per share dividend paid in the same quarter of the previous year. This dividend is payable on June 28, 2024 to shareholders of record as of June 13, 2024, with the dividend payment date also scheduled for June 13, 2024.
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In a statement announcing the quarter’s results, ICE management emphasized its commitment to delivering shareholder value and cited the dividend increase as evidence of the company’s strong cash flow and confidence in its business model.
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