CME Group Inc. said Tuesday its second-quarter profit rose sharply on the integration of last year's acquisition of the Chicago Board of Trade.
Separately, CME Group said it obtained committed financing for its planned acquisition of Nymex Holdings Inc., the operator of the New York Mercantile Exchange.
Chicago-based CME Group earned $201 million, or $3.67 per share, in the three months ended June 30, compared with $126 million, or $3.57 per share, a year earlier.
Revenue rose to $563 million during the quarter from $329 million during the year-ago period.
Excluding costs related to the CBOT integration and other investments, CME said it earned $3.93 per share in the quarter.
Thomson Financial said analysts it surveyed expected earnings of $3.85 per share on sales of $568.5 million. The earnings estimates typically exclude one-time items.
CME Group initially agreed to buy Nymex in March. It said Tuesday it will receive a combined $3.2-billion bridge loan from Bank of America Corp. and UBS A.G.
Nymex shareholders will receive 0.1323 Class A shares of CME Group and $36 in cash for each share outstanding. Based on CME Group's closing price Monday, Nymex shareholders will receive about $79.07 per common share of Nymex they own.
The deal is scheduled to close during the third quarter, pending approval by Nymex members and shareholders as well as CME Group shareholders.
CME Group said during a conference call it plans to keep the Nymex trading floor in New York through 2012, regardless of profitability.
Shares in CME were up $13.34, or about 4%, to $338.87 in late morning trading Tuesday.
No comments:
Post a Comment