The Atlanta-based derivatives exchange and clearinghouse operator said on Wednesday its net income fell to $135.4 million, or $1.85 a share, in the quarter, from $147.9 million, or $2.02 a share, a year earlier.

Excluding one-time items including transaction costs related to the NYSE deal, adjusted earnings were $2.03 per share. That beat analysts' average expectations by 6 cents a share, according to Thomson Reuters I/B/E/S.

Revenues were down 4 percent to $351.9 million.

Transaction and clearing fee revenue fell 7 percent to $299.7 million. Futures average daily volume dropped 4 percent to 3.6 million contracts in the quarter, with revenue from ICE's credit default swap trade execution, processing and clearing business down 16 percent to $33 million.

Market data revenue rose 12 percent to $40.9 million, and other consolidated revenues were $11.3 million.

Operating expenses were up 8 percent to $151.8 million.

ICE said in December it planned to buy New York Stock Exchange operator NYSE in a deal that will give ICE control of Liffe, Europe's second largest derivatives market, to help expand into the interest rate futures business.

ICE said it expects acquisition expenses related to the transaction to be in the range of $10 million to $12 million in the second quarter.

NYSE said on Tuesday its first-quarter profit rose by 44 percent from a year earlier, due largely to a rise in European derivatives trading volumes and lower costs.