CME Group’s Adjusted Profit, Revenue Beat View (CME)
Futures exchange operator CME Group Inc. ( CME ) on Thursday said its second quarter profit rose 22% from last year, beating analyst expectations.
The Chicago-based company reported second quarter net income of $270.7 million, or $4.11 per share, compared with $221.8 million, or $3.33 per share, in the year-ago period. Excluding one-time items, adjusted profit was $4.43 per share.
Meanwhile, total revenue jumped 26% from last year, to $814 million.
On average, Wall Street analysts expected a smaller adjusted profit of $4.32 per share, on lower revenue of $806 million.
CME shares rose $4.49, or +1.6%, in premarket trading Thursday.
The Bottom Line
We had removed shares of CME from our recommended list back on May 6, when the stock was trading at $324.67. The company has a 1.62% dividend yield, based on last night's closing stock price of $283.51. The stock has technical support in the $270 price area. If the shares can firm up, we see overhead resistance around the $294-$297 price levels. We would remain on the sidelines for now.
CME Group Inc. ( CME ) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.4 out of 5 stars.