CME Group’s Profit Plummets 41%, but Still Beats View; Revenue Misses (CME)
Futures exchange operator CME Group Inc ( CME ) on Thursday posted a sharp decline in first quarter earnings, hurt by higher costs and lower revenue.
The Chicago-based company reported first quarter net income of $266.6 million, or $4.02 per share, compared with $456.6 million, or $6.81 per share, in the year-ago period.
Revenue fell almost 7% from last year to $774.6 million.
On average, Wall Street analysts expected a smaller profit of $4 per share, albeit on higher revenue of $778.91 million.
CME Group shares fell $4.28, or -1.6%, in morning trading Thursday.
The Bottom Line
Shares of CME Group ( CME ) have a 3.27% dividend yield, based on last night's closing stock price of $273.14. The stock has technical support in the $260 price area. If the shares can firm up, we see overhead resistance around the $280-$287 price levels.
CME Group Inc ( CME ) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.4 out of 5 stars.