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CME Group posts Q4'17 net income of $2.94B

CME Group Inc. posted fourth-quarter 2017 net income of $2.94 billion, or $8.63 per common share, up from $373.4 million, or $1.10 per common share, in the prior-year quarter.

Fourth-quarter 2017 net income included a $2.6 billion net income tax benefit due to the recognition of a reduction in deferred tax liabilities as a result of the Tax Cut and Jobs Act of 2017.

Fourth-quarter 2017 adjusted net income was $383.0 million, or $1.12 per common share, a decrease from $387.3 million, or $1.14 per common share, in the year-ago period.

The S&P Capital IQ consensus normalized EPS estimate for the quarter was $1.10.

Revenues totaled $900.0 million, down from $912.9 million in the prior-year period. Clearing and transaction fees were slightly down to $758.4 million from $768.5 million in the prior-year quarter.

Average daily volume in the quarter was 15.9 million contracts, compared with 16.3 million contracts in the fourth quarter of 2016.

For 2017, the company reported net income of $4.06 billion, or $11.94 per common share, an increase from $1.53 billion, or $4.53 per common share, a year earlier.

Adjusted net income for 2017 was $1.62 billion, or $4.77 per common share, compared with $1.54 billion, or $4.53 per common share, a year ago.

The S&P Capital IQ consensus normalized EPS estimate for 2017 was $4.76.