Toronto-based TMX Group Ltd. reported that its first-quarter profit and revenue grew compared with a year ago, as stock trading surged in volatile markets caused by the Covid-19 pandemic.
The company, which operates the Toronto Stock Exchange, says it earned $70.1 million or $1.24 per diluted share for the quarter ended March 31, up from a profit of $61.2 million or $1.09 per diluted share a year ago.
Revenue totalled $220.3 million for the quarter compared with $197.5 million in the first quarter of 2019.
On an adjusted basis, TMX says it earned $1.53 per diluted share in its first quarter, up from $1.03 per diluted share in the same quarter last year.
Analysts on average had expected an adjusted profit of $1.56 per share and $214.2 million in revenue for the quarter, according financial markets data firm Refinitiv.
In addition to the Toronto Stock Exchange, TMX Group operates the TSX Venture Exchange, TSX Alpha Exchange, the Canadian Depository for Securities, Montreal Exchange and Canadian Derivatives Clearing Corp.