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CBOE Holdings operating revenues climb YOY in Q1 on higher transaction fees

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CBOE Holdings operating revenues climb YOY in Q1 on higher transaction fees

CBOE HoldingsInc. reported first-quarter net income allocated to commonshareholders of $49.2 million, or 60 cents per share, up from $42.1 million, or50 cents per share, in the year-ago quarter.

On an adjusted basis, net income allocated to commonshareholders was $49.9 million, or 61 cents per common share, up from $42.3million, or 50 cents per common share, in the prior-year quarter.

The S&P Capital IQ consensus normalized EPS estimate forthe quarter was 62 cents.

Total operating revenues climbed to $162.3 million from$142.8 million in the year-ago quarter. Transaction fees rose to $118.0 millionfrom $98.7 million. The increase was driven by a 19% increase in the averagerevenue per contract. Market data fees were nearly flat at about $8.0 millionin the first quarter.

Total trading volume in the first quarter was 291.3 millioncontracts, or 4.77 million contracts per day, compared with 290.7 millioncontracts, or 4.77 million contracts per day. The average revenue per contractwas 40.5 cents, compared with 34.0 cents in the year-ago quarter. The higherrevenue per contract was driven by index options and futures contractscomprising a higher proportion of volume of products traded.

During the first quarter, CBOE repurchased 666,886 commonshares at an average price of $63.60 per share, for an aggregate purchase priceof $42.4 million.

CBOE also reaffirmed its guidance for 2016. The company still expects coreoperating expenses to be in the range of $211.0 million to $215.0 million.Continuing stock-based compensation expense included in core operating expensesis still anticipated to be approximately $13.5 million. The company said itwill recognize accelerated stock-based compensation expense, on a quarterlybasis, totaling approximately $1.0 million for 2016. Depreciation andamortization expense is still expected to be in the range of $46.0 million to$48.0 million.

The company still projects capital expenditures of between$47.0 million and $49.0 million.