CHICAGO (AP) -- CBOE Holdings Inc. said Thursday its second-quarter profit rose 16 percent, as the financial exchange operator benefitted from strong trading volume, increased fee income and holding down costs.
The company reported net income of $37.9 million, or 44 cents per share, in the April-to-June quarter, up from $32.6 million, or 36 cents per share, in the same quarter last year.
The per-share results got a boost from a 3 percent drop in the number of outstanding shares because of company repurchases.
Revenue rose 10 percent to $132.6 million, from $120.3 million last year. The company cited increases in transaction fees, and fees for market data and exchange services.
Analysts, on average, were expecting profit of 41 cents per share, on revenue of $128.7 million, according to FactSet.
Average daily trading volume rose 8 percent from last year, the Chicago-based company said. Donald Fandetti, an analyst with Citi, noted that CBOE has picked up market share after introducing a volume incentive program in January. That helps drive up fees.
CBOE operates the Chicago Board Options Exchange, which calls itself the largest U.S. options exchange, the C2 Options Exchange and others. Companies like CBOE rely on heavy trading volume to bring in revenue.
Shares of CBOE Holdings fell 42 cents to close Thursday at $27.98. The shares have traded between $21.55 and $29.56 in the past 52 weeks.