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CBOE Holdings
reported in-line earnings for the second quarter.
The Chicago, Illinois-company posted a quarterly profit of $42.6 million, or $0.50 per share, versus a year-ago profit of $45.5 million, or $0.52 per share. Excluding stock-based compensation and certain other expenses, CBOE earned $47.0 million, or $0.54 per share in the year-ago quarter.
Its operating revenue dropped 4.5% to $143.9 million. Transaction fees declined 7.7% to $97.9 million in the quarter. Analysts were expecting earnings of $0.50 per share on revenue of $144 million.
Total trading volume was 304.4 million contracts, or 4.83 million contracts per day, down from 317.4 million contracts, or 4.96 million contracts per day, in the year-ago quarter.
CBOE's adjusted operating expenses rose 1% to $74.2 million in the quarter, while adjusted operating margin shrank to 48.4% from 51.2%.
CBOE's average daily volume declined 2.6% to 4.8 million contracts, while total trading volume slipped 4.1% in the quarter.
It lifted its dividend to $0.21 per share from $0.17 per share during the quarter. The company's also raised its share-repurchase program by $100 million.
"While second-quarter results reflected lackluster trading volume industry-wide and muted market volatility, CBOE posted solid financial results and continued to deliver long-term value, both to our shareholders and market participants," said Edward T. Tilly, CBOE Holdings Chief Executive Officer.
CBOE shares fell 1.30% to close at $48.47 yesterday.
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