Intercontinental Exchange Q3 Results Top Views; Unveils $2 Bln Buyback Plan & Maintains $0.24/Share Dividend

Intercontinental Exchange (ICE) reported early Wednesday Q3 adjusted earnings of $0.85 per diluted share, up from $0.73 per share a year ago and also above the $0.80 average estimate from analysts polled by Capital IQ.

Revenue jumped by 5% year-on-year to $1.20 billion, beating the $1.19 billion consensus.

In a separate statement, the company said that its board has authorized a new share repurchase program and a sequentially unchanged quarterly dividend of $0.24.

Through Sept. 30, ICE has repurchased nearly $1.1 billion of its common stock at an average price of $73.54 and it expects to exhaust the remaining $141 million of its current $1.2 billion authorization in Q4. The new $2.0 billion authorization for share repurchases is effective Jan. 1 with no end date.

ICE’s Q4 dividend is payable Dec. 31 to stockholders of record as of Dec. 14. The ex-dividend date is Dec. 13. Upon paying the Q4, ICE will have paid out about $556 million in dividends during 2018, a 17% increase from a year ago.