Virtu Financial (VIRT) Tops Q3 EPS by 9c, Revenues Beat

Virtu Financial (NASDAQ: VIRT) reported Q3 EPS of $0.81, $0.09 better than the analyst estimate of $0.72. Revenue for the quarter came in at $656.1 million versus the consensus estimate of $351.71 million.

Third Quarter 2020 Selected Highlights

• Net income of $199.7 million; Normalized Adjusted Net Income1 of $160.9 million
• Basic and diluted earnings per share of $0.92; Normalized Adjusted EPS1 of $0.81
• Total revenues of $656.1 million; Trading income, net of $441.3 million; Adjusted Net Trading Income1 of $362.3 million
• Adjusted EBITDA1 of $248.7 million; Adjusted EBITDA Margin1 of 68.7%
• Results include $56.2 million net gain on sale of MATCHNow transaction closed on August 4, 2020
• The Virtu Financial, Inc. Board of Directors declared a quarterly cash dividend of $0.24 per share. This dividend is payable on December 15, 2020 to shareholders of record as of December 1, 2020.

“Client partnership, providing liquidity to the global capital markets and implementing our strategic initiatives will help Virtu deliver our strongest year on record. Our third quarter results confirm the resilience and scalability of Virtu’s business model; generating meaningful profits consistently.” said Douglas Cifu, Chief Executive Officer.

“Virtu enters the final quarter of an eventful 2020 and looks forward to 2021 well positioned to continue to generate shareholder value. With our revised expense guidance for 2021 and the material reduction in total debt as a result of the strong performance in 2020, we are poised to meaningfully enhance shareholder returns, beginning with up to a $100 million buyback of shares, which our Board of Directors has approved.”

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

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