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TMX Group’s Q2 Profit Beats Estimates; Shares Rise 6%


Shares of TMX Group Ltd. (X) rose practically 6% on Thursday after the corporate posted double-digit revenue and income progress within the second quarter of 2021. The Canadian monetary companies firm operates the Toronto Inventory Change (TSX).

Income for Q2 2021 got here in at C$245 million, a rise of 13% from the income of C$217.7 million reported in Q2 2020.

In the meantime, the corporate reported a revenue of C$77.3 million (C$1.37 per diluted share) within the second quarter, up 14% from C$67.8 million (C$1.19 per share) in the identical quarter a yr earlier. (See TMX Group Ltd. charts on TipRanks)

On an adjusted foundation, TMX earned C$107.1 million (C$1.90 per diluted share), in comparison with C$86.6 million (C$1.52 per diluted share) within the second quarter of 2020. Analysts had been anticipating C$1.72.

TMX Group’s CEO John McKenzie stated, “The primary half of the yr featured sturdy performances in a number of progress areas and served to showcase the super efforts of TMX’s folks to fulfill the elevated calls for of a thriving market in serving the wants of our purchasers. Our outcomes mirror the depth and energy in our enterprise mannequin with total progress in income and earnings per share in contrast with the primary six months of 2020, together with elevated income in every of our working segments.

“Trying ahead, we stay firmly dedicated to working with our stakeholders in steady help of the long-term, sustainable success of our capital markets ecosystem and to additional increasing our world shopper base.”

David Arnold, TMX’s CFO, stated that whereas fairness buying and selling volumes declined within the second quarter, TMX continued to see very sturdy capital elevating exercise and a rise in its spinoff buying and selling volumes.

On July 22, RBC Capital analyst Geoffrey Kwan maintained a Maintain score on the inventory, with a C$158.00 worth goal. This suggests 10.5% upside potential.

General, TMX inventory scores a Maintain consensus score based mostly on one Purchase and 4 Holds. The average TMX Group price target of C$209.98 implies 48% upside potential to present ranges.

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