/Intercontinental%20Exchange%20Inc%20logos-by%20viewimage%20via%20Shutteretock.jpg)
Intercontinental Exchange, Inc. (ICE), headquartered in Atlanta, Georgia, is a significant player in financial markets and technology, operating exchanges, clearinghouses, and data services. With a market cap of $95.7 billion, ICE plays a pivotal role in energy, commodities, and financial trading, providing infrastructure across North America, Europe, and Asia. ICE is scheduled to release its Q3 earnings report before the market opens on Thursday, Oct. 31.
Ahead of the event, analysts expect ICE to report a profit of $1.54 per share, up 5.5% from $1.46 in the year-ago quarter. The company has consistently beaten or matched Wall Street's earnings estimates in all of the past four quarters.
Its adjusted earnings of $1.52 per share for the last quarter surpassed the consensus estimate by 2%. Record revenues and strategic investments drove ICE's quarterly solid performance, though higher operating expenses impacted margins.
For fiscal 2024, analysts expect ICE to report EPS of $6.12, up 8.9% from $5.62 in fiscal 2023.
ICE stock is up 29.9% on a YTD basis, outperforming the broader S&P 500 Index's ($SPX) 23% gains and the iShares U.S. Financial Services ETF’s (IYG) 25.9% gain over the same time frame.
ICE stock decreased marginally after its Q2 earnings release on Aug. 1. The company’s revenue increased 22.7% year over year to $2.32 billion. For Q3, ICE's adjusted operating expenses are expected to be between $955 million and $965 million.
The consensus opinion on ICE stock is optimistic, with an overall “Strong Buy” rating. Of 17 analysts covering the stock, 11 advise a “Strong Buy” rating, three suggest a “Moderate Buy,” and three recommend a “Hold.”
ICE’s average analyst price target is $181.94, suggesting a potential upside of 9.1% from the current levels.
On the date of publication, Rashmi Kumari did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
