Intercontinental Exchange 3Q Profit Falls as Company Focuses On Ellie Mae Deal
October 29 2020 - 8:19AM
Dow Jones News
By Micah Maidenberg
Intercontinental Exchange Inc. reported a weaker profit as it
worked to absorb Ellie Mae, a cloud-based platform for lenders
originating mortgages.
Intercontinental, which operates stock exchanges and clearing
houses and provides data for various markets, on Thursday reported
its profit slipped to $390 million, or 71 cents a share, from $529
million, or 94 cents a share, for the year-earlier period.
Compensation costs rose 14% year over year, the company said.
Intercontinental recorded $76 million in acquisition and
integration costs in the quarter, weighing on earnings. The company
purchased Ellie Mae Sept. 4.
Its adjusted profit of $1.03 a share was ahead of expectations
from analysts by 4 cents, according to FactSet.
Revenue at the owner of the New York Stock Exchange rose to
$1.41 billion from $1.34 billion, less transaction-based expenses,
and was more than the $1.38 billion consensus estimate for the
latest period. Third-quarter revenue included $75 million related
to Ellie Mae.
Write to Micah Maidenberg at micah.maidenberg@wsj.com
(END) Dow Jones Newswires
October 29, 2020 08:04 ET (12:04 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
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