UPDATE: Virtu Financial (VIRT) Matches Q3 EPS, Revenues Beat
(updated to correct consensus)
Virtu Financial (NASDAQ: VIRT) reported Q3 EPS of $0.21, in-line with the analyst estimate of $0.21. Total revenue for the quarter came in at $385.4 million and Adjusted Net Trading Income was $249.8 million, versus the consensus estimate of $247.09 million.
Third Quarter 2019 Selected Highlights
- Net loss of $5.2 million, as a result of costs associated with the ITG acquisition and amortization of purchased intangibles; Normalized Adjusted Net Income1 of $39.6 million
- Basic and diluted loss per share of $0.04; Normalized Adjusted EPS1 of $0.21
- Total revenues of $385.4 million; Trading income, net of $220.1 million; Adjusted Net Trading Income1 of $249.8 million
- Adjusted EBITDA1 of $103.9 million; Adjusted EBITDA Margin1 of 41.6%
- Quarterly cash dividend of $0.24 per share payable on December 16, 2019
"While the environment in the 3rd quarter continued to be challenging, I am very pleased with our performance globally. Our market making segment saw pockets of elevated volatility in the quarter and we capitalized on these opportunities and otherwise performed in line with our expectations. On the execution services side, we continue to reap the benefits of the ITG acquisition as we integrate and improve the broad spectrum of ITG’s financial services products into our scaled multi asset class global architecture,” said Douglas A. Cifu, Chief Executive Officer. Mr. Cifu continued, “We believe we are only beginning to implement and discover the multiple ways to serve our clients better through this acquisition. We are ahead of schedule in all aspects of the ITG integration, have raised our overall synergy targets and have repaid $100.0 million of our long term debt since the closing on March 1st.”
For earnings history and earnings-related data on Virtu Financial (VIRT) click here.