(Adds Q1 details, I/B/E/S estimates)
April 26 Nasdaq Inc posted a
better-than-expected quarterly profit as the transatlantic
exchange operator benefited from its acquisitions.
Nasdaq's net income increased 28 percent to $169 million, or
99 cents per share, in the first quarter ended March 31.
Excluding one-time items, Nasdaq earned $1.10 per share,
beating the average analyst estimate of $1.06, according to
Thomson Reuters I/B/E/S.
Nasdaq completed several acquisitions last year, including
that of options exchange operator International Securities
New York-based Nasdaq also bought Canadian stock trading
venue CXC and news distribution company Marketwired last year.
"We are making significant progress executing against our
acquisition integration plans, and we remain on pace to hit our
synergy target of $60 million by the end of 2017," Nasdaq Chief
Financial Officer Michael Ptasznik said in a statement.
The exchange industry is in the midst of a wave of
consolidation as companies seek to move more trading onto fewer
technology platforms to boost profit margins.
Revenue from market services, the company's biggest
business, rose 8.5 percent to $218 million, while corporate
services brought in $160 million, up nearly 12 percent.
Total revenue rose 9.2 percent to $583 million, boosted in
part by a $50 million positive impact from acquisitions.
Operating expenses rose to $335 million from $315 million.
The company lowered the top end of its 2017 adjusted
operating expense guidance to $1.30 billion from 1.31 billion.
The low end remained unchanged at $1.26 billion.
Nasdaq is among the largest stock markets in the United
States and handles more initial public offerings than all its
(Reporting by Nikhil Subba in Bengaluru; Editing by Maju