CME - CME Group Q1 top and bottom lines beat as ADV spikes expenses slip
2023-04-26 09:23:34 ET
CME Group's ( NASDAQ: CME ) first quarter earnings and revenue both topped Wall Street expectations and climbed from the previous quarter and the year before as average daily volume on the derivates exchange climbed against a backdrop of volatile markets.
"As global market participants sought to manage risk across asset classes, we saw a flight to futures, resulting in our second-highest quarterly revenue, highest adjusted net income and highest adjusted earnings per share ever," said Chairman and CEO Terry Duffy.
Q1 adjusted EPS of $2.42, exceeding the average analyst estimate of $2.38, jumped from $1.92 in the previous quarter and from $2.11 a year ago.
Revenue of $1.44B, vs. $1.42B consensus, advanced from $1.21B in Q4 2022 and from $1.35B in the year-earlier period.
CME edged up 0.8% in premarket trading.
Average daily volume came in at 26.9M contracts, up from 21.8M in Q4 2022 and from 25.9M in Q1 2022.
Clearing and transaction fees were $1.20B compared with $981.4M in Q4 2022 and $1.14B a year ago.
Total expenses of $527.9M dipped from $539.5M in the prior quarter and increased from $487.5M in Q1 2022.
Earlier, CME Group Non-GAAP EPS of $2.42 beats by $0.04, revenue of $1.44B beats by $20M .
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CME Group Q1 top and bottom lines beat as ADV spikes, expenses slip