Virtu Financial (NASDAQ: VIRT) reported Q2 EPS of $0.31, $0.07 worse than the analyst estimate of $0.38. Revenue for the quarter came in at $328.1 million versus the consensus estimate of $234.5 million.

Second Quarter Selected Highlights

• Net income of $46.6 million, Normalized Adjusted Net Income* of $59.6 million
• Basic earnings per share of $0.25; Diluted earnings per share of $0.24; Normalized Adjusted EPS* of $0.31
• Total revenues of $328.1 million; Adjusted Net Trading Income* of $202.9 million
• Adjusted EBITDA* of $112.4 million; Adjusted EBITDA Margin* of 55.4%
• Adjusted Operating Expenses* for first six months of $29 million ahead of prior guidance
• Made $50 million of incremental payments on the term loan since the prior earnings release; $676 million total payments to-date out of $1.15 billion
• Board approved $50 million expansion of the previously announced share buyback program; $40.5 million repurchased to-date
• Quarterly cash dividend of $0.24 per share payable on September 14, 2018
• “Our second quarter results reflect an operating environment for our core wholesale market making operation that was markedly worse than the robust conditions we saw in the first quarter. In addition to declining volatility we saw reduced retail participation in the market. However, we have over-achieved on expense reductions and synergies and saw strong performance in businesses underlying our FICC franchise, particularly in foreign exchange,” said Douglas Cifu, Chief Executive Officer of Virtu Financial.

For earnings history and earnings-related data on Virtu Financial (VIRT) click here.