Cboe Global Markets beats Q3 estimates, raises 2024 revenue outlook

CHICAGO - Cboe Global Markets (NYSE: NYSE:CBOE ) reported better-than-expected third quarter results and raised its full-year 2024 revenue growth guidance.

The exchange operator posted adjusted earnings per share of $2.22, topping analyst estimates of $2.20. Revenue rose 11% year-over-year to $532 million, also beating the consensus forecast of $530.69 million.

"In the third quarter, Cboe reported strong diluted EPS of $2.07, record net revenue of $532.0 million and record adjusted diluted EPS of $2.22, highlighting the solid progress we continued to make in sharpening our strategic focus," said Fredric Tomczyk, Cboe Global Markets Chief Executive Officer.

The company saw broad-based growth across its segments, with Derivatives net revenue up 13%, Cash and Spot Markets up 12%, and Data and Access Solutions up 6% compared to the prior year quarter.

Looking ahead, Cboe raised its full-year 2024 organic total net revenue growth forecast to 7-9%, up from its previous outlook of 6-8%. It also increased its adjusted operating expense guidance range to $798-808 million from $795-805 million previously.

"Given the year-to-date trends and our expectations for the fourth quarter, we are raising our organic total net revenue growth range for 2024 to 7-9%, up from our prior guidance of 6-8%," said Jill Griebenow, Cboe Global Markets Executive Vice President and Chief Financial Officer.

The company reaffirmed its outlook for 7-10% organic net revenue growth from its Data and Access Solutions segment in 2024.

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Source: Investing.com