Q: Your comments on earnings (X) please
5i Research Answer:
EPS of 48c missed estimates of 49c; revenue of $419.1M beat estimates of $406M. EBITDA of $225M missed estimates by 2%. Revenue rose 21%. Derivatives were the standout, with revenue up 50%. Adjusted earnings rose 26%. Results are solid in our view, considering economic uncertainty. Note that market volatility is not necessarily bad for the company, but it can limit IPOs and new issues, which are very high margin businesses for it. But overall we are comfortable here.