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Nasdaq (NDAQ) Q3 Earnings Meet Estimates; Revenues Miss

Zacks Equity Research
Updated

Nasdaq, Inc. NDAQ provides trading, clearing, exchange technology, regulatory, securities listing, information, and public company services worldwide.

The company has been focusing thoroughly on recognized technologies to help navigate the global capital markets towards potent, transparent and low-cost trading platforms.

The company has positioned itself firmly for the long term growth via a number of strategic acquisitions in the non-transaction space over the past years.

Nasdaq has been helping expand global exchanges with superior trading and clearing infrastructure, and build them as leading integrated multi-asset exchanges, thereby creating a niche for itself in the less-competitive zone.

Additionally, the rising focus on the rapidly growing exchange-traded products (ETPs), to build a strong global index business, is evident from Nasdaq’s strengthened distribution, technology and product generation capacities in this space. The inorganic story remains compelling with strategic buyouts.

The company delivered positive surprise in two of last four quarters, making for an average surprise of 1.4%.

Currently, Nasdaq has a Zacks Rank #3 (Hold), but that could definitely change following its earnings report that has just been released. The key takeaways from this immediate announcement are highlighted below:

Earnings: Nasdaq meets estimates. Nasdaq reported record earnings per share of 91 cents per share in line with our Zacks Consensus Estimates.

NASDAQ INC Price and EPS Surprise

NASDAQ INC Price and EPS Surprise | NASDAQ INC Quote

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Revenue: Revenues missed our estimate. Our consensus called for revenues of $587 million, though the company reported record revenues of $585 million.

Key Stats to Note

•    Adjusted operating expenses were $317 million up 15% year over year.
•    The quarter witnessed 74% of all U.S. IPOs were listed on Nasdaq.
•    Achieved $23 million in annualized run-rate cost synergies as on Sep 30, 2016, out of $60 million intended.
•    Net debt during the quarter increased 56% over 2015 end level to $3.7 billion as of Sep 30, 2016.
•    Nasdaq bought back about $55 million worth shares in the quarter.
•    Announces quarterly dividend of 32 cents per share on Oct 26, 2016.

Check back later for our full write up on this NDAQ earnings report later!

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