International derivatives CME Group Inc. (NASDAQ:CME) today reported financial results for the first quarter of 2024.
The company reported revenue of $1.5 billion, higher than the result of $1.44 billion registered in the first quarter of 2023. Operating income for the first quarter of 2024 was $960 million.
Net income for the first three months of 2024 was $855.2 million, down from $883.8 million a year earlier, and diluted earnings per common share were $2.35. On an adjusted basis, net income was $911 million and diluted earnings per common share were $2.50.
Terry Duffy, CME Group Chairman and Chief Executive Officer, commented:
“Average daily volume in our U.S. Treasury futures and options grew 12% year over year, reaching a new all-time high of 7.8 million contracts per day. Additionally, ADV in our commodities markets increased 14% to 4.7 million contracts. Looking ahead, we remain committed to providing the deep liquidity and unparalleled capital efficiencies our clients rely on as they continue to navigate a wide range of risks across asset classes.”
First-quarter 2024 average daily volume (ADV) was 26.4 million contracts, including non-U.S. ADV, which reached a record 7.4 million contracts.
Clearing and transaction fees revenue for first-quarter 2024 totalled $1.2 billion. The total average rate per contract was $0.695. Market data revenue totaled $175 million for first-quarter 2024.
As of March 31, 2024, the company had approximately $1.7 billion in cash (including $225 million deposited with Fixed Income Clearing Corporation, which is included in other current assets) and $3.4 billion of debt.
The company paid dividends during the first quarter of approximately $2.3 billion. The company has returned approximately $24.8 billion to shareholders in the form of dividends since the implementation of the variable dividend policy in early 2012.
