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Duncan Niederauer, chief executive of NYSE Euronext

NYSE Euronext reports net income of USD184m for Q2

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NYSE Euronext has reported net income of USD184m or USD0.70 per diluted share for the second quarter of 2010, compared to a net loss of USD182m or USD0.70 per diluted share for the second quarter of 2009. 

 

Results for the second quarter of 2010 and 2009 include USD32m and USD442m, respectively, of pre-tax merger expenses and exit costs. 

Second quarter of 2010 results also include a net USD54m pre-tax gain from disposal activities.

Excluding the impact of these items, net income in the second quarter of 2010 was USD167m, or USD0.64 per diluted share, compared to USD132m, or USD0.51 per diluted share, in the second quarter of 2009. 

“Our strong second quarter results were driven by robust trading volumes, strong revenue generation from new initiatives across our segments and continued cost discipline,” says Duncan L. Niederauer, chief executive of NYSE Euronext. “And building upon the initial steps taken with the creation of NYSE Liffe Clearing in 2009, we announced our new clearing strategy to develop clearinghouses in London and Paris by the end of 2012. As we move through the remainder of the year, we are focused on further strengthening our competitive position and seamlessly migrating markets and clients to our new data centres, which will serve as the liquidity hubs of the future and create unparalleled low-latency trading communities for market participants.”

Derivatives net revenue rose by 34 per cent in Q2, while technology solutions revenue rose by 29 per cent.
 
Fixed operating expenses were USD407m, down from USD427m in Q1.

Operating income was USD247m, up 15 per cent.

Operating margin year-to-date is 36 per cent versus 32 per cent for full-year 2009.

The debt-to-Ebitda ratio declined to 1.9 times, down from 2.6 times at year-end 2009.

The board is making a third quarter 2010 cash dividend of USD0.30 per share.

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