TMX Group Ltd. (TSX:X) posted a $19.2 million profit in the third quarter, up nearly $4 million compared with the same time last year when the company was completing a major reorganization.
The owner of Canada’s largest financial markets says its revenue rose to $165.3 million from $113.4 million in the third quarter of 2012, when TMX acquired two companies in a related transaction.
TMX’s diluted earnings per share for the third quarter of 2013 amounted to 35 cents, which was down from 53 cents per share last year when there ware half as many TMX shares outstanding.
TMX’s adjusted diluted earnings per share was 75 cents in the third quarter, compared with the analyst estimate of 62 cents per share.
The adjusted earnings excluded 22 cents per share related to refinancing expenses and about 18 cents per share related to last year’s reorganization of TMX in a deal with the Maple Group.
The deal changed the ownership structure of TMX Group, with Maple Group members owning a majority of its stock. TMX also acquired Canadian Depository for Securities Ltd. and the Alpha trading business.
“While the continued softness in capital markets activity in Canada has impacted our financial performance, TMX Group continued to advance its operational and strategic goals in the third quarter,” CEO Thomas Kloet said in a statement.
“The business remains focused on its diversification efforts, and is taking the steps needed to enhance our service to customers and our international competitiveness.”