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Deutsche Boerse quarterly net profit down 9%, misses forecasts

FILE PHOTO: A general view shows the German stock exchange (Deutsche Boerse) in Frankfurt, Germany, February 12, 2019. REUTERS/Kai Pfaffenbach/File Photo

FRANKFURT (Reuters) - German exchange operator Deutsche Boerse DB1Gn.DE on Wednesday posted a 9% fall in third-quarter net profit, a greater decline than expected, but left its guidance for the year unchanged.

Net profit attributable to shareholders was 227.1 million euros ($268.4 million), down from 248.6 million a year ago, the company said. Revenue fell 4% to 707.5 million euros, also falling short of expectations.

Forecasts were for a 5% drop in net profit and a 2% drop in revenue, based on a consensus forecast published on Deutsche Boerse’s investor relations website.

In its statement, Deutsche Boerse didn’t explain the factors behind the weaker quarter but executives will brief analysts on Thursday.

Deutsche Boerse said it was sticking to its target for adjusted net profit of 1.2 billion euros in 2020.

Over the summer, Deutsche Boerse bid to take over the Italian stock exchange but lost to Euronext.

It will brief investors about its new strategy on Nov. 18.

Reporting by Tom Sims and Hans Seidenstuecker; Editing by David Holmes

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