UPDATE: IntercontinentalExchange Posts Better-Than-Expected Q1 Earnings

IntercontinentalExchange Group

reported upbeat first-quarter earnings. IntercontinentalExchange's quarterly net income surged to $262 million, or $2.27 per share, versus a year-ago profit of $135 million, or $1.85 per share. Excluding special items, its adjusted earnings came in at $2.60 per share. Its revenue surged to $932 million from $352 million. However, analysts were expecting a profit of $2.58 per share on revenue of $922.9 million. IntercontinentalExchange's consolidated market data revenue came in at $133 million, while listings revenue came in at $91 million in the quarter. The company's press release offered the following comment from ICE Chairman and CEO Jeffrey C. Sprecher: “These strong results reflect our focus on delivering value for our customers and shareholders. The integration of our businesses is progressing well and the combined team is working to execute on operational and strategic objectives. While the economic environment and volatility remain muted, we are delivering new products and risk management services, as well as extending our footprint in Asia. We believe our strategic roadmap will enable us to continue to grow and establish new ways to serve our customers in 2014 and for years to come.” IntercontinentalExchange shares gained 1.79% to close at $201.75 yesterday.