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Net Up 69% at CBOT

Earnings are a nickel ahead of estimates.

Chicago Board of Trade's


first-quarter earnings rose 69% from a year ago on record derivatives trading across its products.

The company, which went public last October, earned $35.1 million, or 66 cents a share, compared with $20.8 million, in the same quarter last year. Analysts had been forecasting net earnings of 61 cents a share in the latest quarter, according to Thomson Financial.

Total revenue rose 23% to $143.6 million, topping the Thomson Financial estimate of $141.5 million.

"Each product group contributed to the successful financial results this quarter and the interest rate, agriculture, and metals product groups all reached average daily volume records," CBOT Holdings President and CEO Bernard W. Dan said. "Over the past 12 months we added to our growthopportunities with expanded products, partnerships and distribution capabilities and at the same time controlled costs and significantly expanded our profitability."

Dan also said that operating margins increased to 41% from 31% in the same quarter last year.

Meanwhile, average daily volume rose 10% to 3.1 million contracts a day from 2.8 million in the same quarter last year. The average rate per contract to rose to 55.2 cents versus 50.7 cents. The average rate per contract was slightly down from last the previous quarter, however, when it was 57 cents.