Profit more than tripled during the
The energy commodities and futures exchange made $49 million, or 81 cents a share, in the fourth quarter, compared with a loss of 48 cents a share last year.
Revenue, while missing estimates slightly, rose 131% from the year-earlier period, to $95.2 million. Transaction fees rose 129% to $82.8 million, and market data fees nearly tripled to $9.6 million.
Analysts were predicting the exchange would earn 74 cents a share on $97.3 million in revenue.
ICE said that growth in transaction fees was driven by strong trading volume of futures and over-the-counter business segments during the quarter and by new participants on the exchange.
In the fourth quarter, the average daily volume of futures trading rose 145%, to 440,557 contracts, which was particularly fueled by the "increased adoption of electronic trading in the global energy futures markets," ICE said. The average daily volume of the OTC business rose 130%, to 32.7 million contracts.
The ICE completed its acquisition of the New York Board of Trade on Jan. 12. The exchange, which trades soft commodities and financial products, has become a subsidiary of the ICE.
"As electronic trading continues to increase its share of the markets in which we operate and as new participants enter the commodities markets, we focus each day on customer service and leading the industry in innovation," CEO Jeff Sprecher said on an earnings conference call. "The success of our new contract and the ability to grow and sustain our market share has demonstrated how we can leverage our fixed cost model to enhance our product offering to our global customer base."
Shares fell $1.95, or 1.4%, to $140.91.