MarketAxess Holdings (NASDAQ: MKTX) reported Q1 EPS of $2.11, $0.01 worse than the analyst estimate of $2.12. Revenue for the quarter came in at $195.5 million versus the consensus estimate of $193.13 million.

First Quarter Financial Highlights*

• Record revenues of $195.5 million, up 16%
• Operating income of $103.5 million, up 14%
• Diluted EPS of $2.11, up 8% from $1.96
• Record Open TradingTM credit volume of $246.3 billion, up 20%
• Estimated U.S. high-grade market share of 20.5%, up from 20.0%
• Estimated U.S. high-yield market share of 15.6%, up from 12.2%

“MarketAxess started the new year on a strong note with record quarterly credit trading volume and record revenue,” said Rick McVey, Chairman and CEO of MarketAxess. “Market share gains are driving the volume and revenue growth as electronic trading continues to advance in fixed-income markets around the world. We are seeing positive signs in new product areas, and in all geographic regions, as we invest to support long-term growth. Trading automation continues to accelerate with both our investor and dealer clients.”

Updated Expense Guidance for 2021

The Company is updating its full year 2021 expense guidance range to $370.0 million to $386.0 million, up from a range of $362.0 million to $382.0 million. The updated expense guidance range includes the impact of the MuniBrokers LLC acquisition, which closed on April 9, 2021.

For earnings history and earnings-related data on MarketAxess Holdings (MKTX) click here.