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NYSE Euronext posts Q4 $1.34 billion loss
By Amarendra Bhushan for CEOWORLD Magazine Updated:February 9, 2009
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Stock exchange operator NYSE Euronext, which includes the Amsterdam bourse, made a net loss of $1.34bn in the fourth quarter of 2008, compared with net profit of $154m in the year-earlier period.
The results were hurt by impairment of certain goodwill and indefinite-lived intangible assets related to the merger of NYSE Group and Euronext, as “adverse equity-market conditions” caused a “material decline in industry market multiples in the latter part of 2008.”
The NYSE bought Euronext in April 2007 in a deal valued at about $14 billion.
NYSE Euronext earned $156 million in the fourth quarter of 2007.
On an adjusted basis, NYSE Euronext’s profit fell to 52 cents a share from 65 cents a share, it said. The dollar’s strengthening versus the euro accounted for 7 cents a share of negative impact on earnings. Planned investments for the NYSE Liffe U.S. and NYSE Amex accounted for another 6-cent hit.
Revenue fell 2% to $683 million as higher volumes were offset by lower prices. Analysts polled by Thomson Reuters had expected profit of 56 cents a share.
Separately, it reported January trading volumes, with U.S. cash-products volume down 9%, European cash-products volume down 29.5% and European derivatives volume down 18%.
- NYSE Euronext’s fourth-quarter profit dropped 20 percent, as the transatlantic exchange operator cut prices and was hurt by currency fluctuations.
- NYSE Euronext’s profits were also dented by planned investments in NYSE Amex.
- Revenue grew 21 percent to $1.2 billion.
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