Intercontinental Exchange Inc (ICE, Financial), a leading global provider of data, technology, and market infrastructure, released its financial results for the third quarter of 2023 on November 2, 2023. The company reported consolidated net income attributable to ICE of $541 million on $2.0 billion of consolidated revenues, less transaction-based expenses. The third quarter GAAP diluted earnings per share was $0.96.
Financial Highlights
The company's third quarter consolidated net revenues were $2.0 billion, including exchange net revenues of $1.1 billion, fixed income and data services revenues of $559 million, and mortgage technology revenues of $330 million. Consolidated operating expenses for the third quarter of 2023 were $1.2 billion. The operating margin was 42%.
Jeffrey C. Sprecher, ICE Chair & Chief Executive Officer, commented on the results,
We are pleased to report our third quarter results, which extend our track record of revenue and earnings per share growth. Our customers continue to rely on our mission-critical data and technology to manage risk and capture workflow efficiencies through an array of macroeconomic environments, reflecting the all-weather nature of our business model."
Segment Results
Third quarter exchange net revenues were $1.1 billion, with an operating margin of 72%. The fixed income and data services revenues stood at $559 million, with an operating margin of 36%. Mortgage technology revenues were $330 million, with an operating margin of -48%.
Outlook
As the company approaches the end of 2023, it remains focused on extending its track record of growth and creating value for its stockholders. The strategic acquisition of Black Knight is expected to enhance the resiliency of ICE's long-term growth profile.
About Intercontinental Exchange Inc (ICE, Financial)
Intercontinental Exchange Inc (ICE) is a Fortune 500 company that designs, builds, and operates digital networks to connect people to opportunity. It provides financial technology and data services across major asset classes that offer customers access to mission-critical workflow tools that increase transparency and operational efficiencies.
Explore the complete 8-K earnings release (here) from Intercontinental Exchange Inc for further details.
