CBOT First-Quarter Profit Tops Expectations, Sales Miss

CBOT Holdings, which owns the Chicago Board of Trade, reported higher first-quarter profit Thursday as volume and fees increased.

The company, which is being acquired by the Chicago Mercantile Exchange, said earnings for the first-quarter were $55.4 million, or $1.05 per share, compared with $35.1 million, or 66 cents per share, for the year ago period.

Net income for the quarter was $68.4 million, or $1.29 per share, excluding $13 million in merger-related costs. Quarterly revenue rose by 34% to $187.7 million from $140.1 million.

Analysts polled by Thomson Financial expected profit of $1.17 per share, and revenue of $192.91 million.

Average daily volume for the quarter was 3.9 million contracts, up 24% from the prior-year period.