Overview

• U.S. derivatives exchange operator's Q2 revenue beat analyst expectations

• Adjusted EPS for Q2 beat analyst expectations

• Company repurchased $695 mln in shares during Q2

Outlook

• Company did not provide specific guidance for future quarters or the full year in press release

Result Drivers

• TRADING VOLUMES - Record Q1 trading and second-highest Q2 volumes ever drove strong H1 performance, per CEO Terry Duffy

• MARKET DATA REVENUE - Market data revenue rose 20% to a record $238 mln in Q2

• NEW PRODUCTS - Co cited continued innovation with new tools and products to help clients manage risk and pursue opportunities

Company press release: ID:nPn43CBP1a

Key Details

Metric	Beat/Miss	Actual	Consensus Estimate
Q2 Revenue	Beat	$1.71 bln	$1.69 bln (11 Analysts)
Q2 Adjusted EPS	Beat	$2.99	$2.91 (13 Analysts)
Q2 EPS		$2.88
Q2 Net Income		$1.04 bln
Q2 EBIT		$1.11 bln
Q2 Pretax Profit		$1.33 bln

Analyst Coverage

• The current average analyst rating on the shares is "hold" and the breakdown of recommendations is 9 "strong buy" or "buy", 5 "hold" and 3 "sell" or "strong sell"

• The average consensus recommendation for the financial & commodity market operators & service providers peer group is "buy."

• Wall Street's median 12-month price target for CME Group Inc is $284.50, about 19.9% above its July 21 closing price of $237.38

• The stock recently traded at 19 times the next 12-month earnings vs. a P/E of 24 three months ago

Reuters Recommended Reads

• July 21 - CME to launch sorghum basis futures contract next month

• July 21 - Charles Schwab posts record quarterly profit on trading boom

• July 21 - Interactive Brokers' quarterly profit leaps on brisk trading

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