IntercontinentalExchange 2Q profit up 7 percent

ATLANTA (AP) -- IntercontinentalExchange reported Tuesday that its second-quarter profit increased 7 percent on improved revenue.

ICE, based in Atlanta, is best known as a commodities marketplace. It made an $8.2 billion offer in December to acquire NYSE-Euronext, which would give it control of the New York Stock Exchange and London-based Liffe, Europe's second-largest derivatives market. Company Chairman and CEO Jeffrey Sprecher said that the company has received approvals from shareholders of both companies and the European Commission and is awaiting final regulatory approvals.

The costs of this process put some slight pressure on its second-quarter profit.

ICE reported net income of $153.3 million, or $2.09 per share, for the period that ended June 30. That is up from $143.2 million, or $1.95 per share, last year. After adjusting for its costs for the proposed acquisition, it earned $2.19 per share.

Revenue increased 6 percent, to $371.6 million from $351.2 million in the 2012 second quarter.

The quarter's results exceeded market expectations. Analysts polled by FactSet, on average, were anticipating earnings of $2.14 per share on revenue of $367.2 million.

ICE said that its futures average daily volume was up 3 percent year over year. Its revenue from its credit default swap trade execution, processing and clearing business increased 11 percent to $40 million. Its consolidated market data revenues increased 8 percent to $40 million.

Shares of IntercontinentalExchange Inc. added $1.57 to $187.21 in early afternoon trading. The stock is trading at the upper end of its 52-week trading range of $122.72 to $188.78.