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IntercontinentalExchange Q1 Net Income Surges

IntercontinentalExchange (ICE), an operator of regulated global exchanges and over-the-counter markets, has posted consolidated net income attributable to ICE of $101m for the first quarter of 2010, a 40% increase from first quarter 2009 net income of $72m.

Diluted earnings per share (EPS) in the first quarter rose 39% to $1.36, compared to first quarter 2009 EPS of $0.98.

IntercontinentalExchange reported consolidated revenues of $282m, an increase of 22% over first quarter 2009 revenues of $232m.

Transaction and clearing revenues in ICE’s futures segment totaled $123m in the first quarter of 2010, a 25% increase from $98m in the same period of 2009.

Consolidated average daily volume in ICE’s futures segment in the first quarter of 2010 was 1,289,160 contracts, up 28% from the same period of 2009. This growth was primarily driven by ICE Brent Crude and ICE Gasoil futures, as well as increases in sugar and cotton futures and options contract volume.

First quarter 2010 transaction and clearing revenues in ICE’s global over-the-counter (OTC) segment increased 22% to $128m, compared to $105m for the same period in 2009.

Scott Hill, CFO of ICE, said: “With our strong start to 2010, we have built upon our track record of consistently delivering solid financial results and increasing shareholder value. Our strategy is to leverage our industry leading technology, depth of OTC execution, processing and clearing capabilities, diverse product and geographic profile and strong financial position.

“As a result, we have consistently delivered revenue and profit growth, margin expansion and industry leading returns on capital. The successful execution of our strategy is enabled by a disciplined approach to expense management and a focus on efficient capital deployment.”