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CME Reports 4Q & Full-Year 2018 Financial Results
USAgNet - 02/15/2019

CME Group Inc. reported financial results for the fourth quarter and full year of 2018. Consolidated results include NEX Group plc (NEX) activity for November and December 2018.

The company reported revenue of $1.2 billion and operating income of $650 million for the fourth quarter of 2018. Net income was $385.5 million and diluted earnings per share were $1.09. On an adjusted basis, net income was $625 million and diluted earnings per share were $1.77. Financial results presented on an adjusted basis for the fourth quarters of 2018 and 2017 exclude certain items, which are detailed in the reconciliation of non-GAAP results.1

Total revenue for full-year 2018 was $4.3 billion and operating income was $2.6 billion. Net Income was $2.0 billion and diluted earnings per share were $5.71. On an adjusted basis, net income was $2.3 billion, and diluted earnings per share were $6.82.

"During the fourth quarter, elevated volatility and increased customer demand for our diverse risk management products resulted in strong trading volumes, exceeding 20 million contracts per day," said CME Group Chairman and Chief Executive Officer Terry Duffy. "We set annual average daily volume records in four of our six asset classes as well as in total options and demonstrated solid expense control during 2018. In November, we completed the NEX acquisition, which positions us to launch innovative new products to an expanding global customer base across futures, options, cash and OTC markets. Looking ahead to 2019, we're extremely focused on the continued integration of these two great companies, and expect to unlock additional value for our customers and shareholders."

Fourth-quarter 2018 average daily volume (ADV) was 20.8 million contracts, up 31 percent compared with fourth-quarter 2017, and representing the second-highest quarterly ADV on record. Non-U.S. ADV grew 22 percent to 4.8 million contracts during the quarter, driven by strong performance in Equity and Interest Rates products. Clearing and transaction fees revenue for the fourth-quarter 2018 totaled just over $1.0 billion and the total average rate per contract was $0.697, down 7 percent compared with $0.753 in third-quarter 2018. This decline was driven primarily by product mix. Market data revenue totaled $130 million for the fourth-quarter 2018.

As of December 31, 2018, the company had $1.5 billion in cash (including $100 million deposited with Fixed Income Clearing Corporation (FICC) and included in other current assets) and $4.4 billion in debt. The company declared dividends during 2018 of $1.6 billion, including the annual variable dividend for 2018 of $624 million, which was paid in January 2019. The company has returned more than $11.2 billion to shareholders in the form of dividends since the implementation of the variable dividend policy in early 2012.


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