TORONTO — TMX Group Ltd. beat expectations even though its net income fell 32 per cent to $47.5 million in the fourth quarter on lower revenues.
The owner of the Toronto Stock Exchange says it earned 84 cents per diluted share, down from $1.24 per share or $69.8 million a year earlier.
Excluding one-time items, which include an $18-million non-cash impairment charge, adjusted earnings grew slightly to $74.3 million or $1.31 per share, compared with $73.9 million or $1.31 per share in the fourth quarter of 2018.
Revenues fell four per cent to $202.8 million.
The company was expected to post $1.26 per share in adjusted profits on $197.9 million of revenues, according to financial markets data firm Refinitiv.
For the full year, TMX’s net earnings decreased 13 per cent to $247.6 million from $286 million in 2018.
Adjusted profits were $300.2 million or $5.31 per share, up from $289.5 million or $5.16 per share. Revenues decreased to $806.9 million from $820.7 million.
“The solid performance of Montreal Exchange and CDCC, our core derivatives business, as well as Trayport during the year served to partially offset softer capital markets activity,” stated John McKenzie, interim CEO and chief financial officer.
This report by The Canadian Press was first published Feb. 10, 2020.
Companies in this story: (TSX:X).
The Canadian Press