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Nasdaq posts 4% organic revenue growth in Q1

Nasdaq Inc.on April 27 reported first-quarter net income attributable to the company of $132million, or 78 cents per share, up from $9 million, or 5 cents per share, in theprior-year quarter.

On a non-GAAP basis, first-quarter net income attributable tothe company was $153 million, or 91 cents per share, up from $138 million, or 80cents per share, in the year-ago quarter.

The S&P Capital IQ consensus normalized EPS estimate forthe quarter was 89 cents.

First-quarter revenues, less transaction-based expenses, climbed5% to $534 million from $507 million in the prior-year period, driven by a $29 millionpositive impact from operations, partially offset by a $2 million negative impactfrom changes in foreign exchange rates. On an organic basis, excluding the impactof changes in foreign exchange rates and acquisitions, total first-quarter net revenueswere up 4% from the prior-year period.

On a GAAP basis, operating expenses dropped to $315 million from$480 million in the prior-year period, which included restructuring charges of $150million.  On a non-GAAP basis, operating expensesincreased to $280 million from $272 million due to higher organic spend and theacquisitions of ,Chi-X Canada ATS Ltd.and Marketwired,partially offset by the favorable impact of changes in foreign exchange rates.

Nasdaq repurchased 490,032 shares for $29 million in the firstquarter at an average price of $59.37. At March 31, there is $500 million remainingunder the board authorized share repurchase program, which includes a $370 millionincrease in authorized value.

Nasdaq revised its non-GAAP operating expense guidance for 2016 to between $1.18 billionand $1.23 billion from between $1.11 billion and $1.16 billion to reflect the impactof the acquisitions of Chi-X Canada and Marketwired, which closed during the firstquarter, as well as the pending acquisition of BoardVantage, which is expected to close in the second quarter.