Wed. 3 Nov 2021, 3:51pm ETBenzinga
In: Earnings, News, Dividends, Buybacks, Movers, Tech, Trading Ideas
- Virtu Financial Inc (NASDAQ:VIRT) reported a third-quarter FY21 revenue decline of 17% year-on-year to $544.3 million, beating the consensus of $324.4 million. Lower trading volumes in U.S. equities drove the decrease.
- Adjusted Net Trading Income decreased 2.2% Y/Y to $354.4 million, Market Making segment revenue declined 13.8% Y/Y to $409.3 million, and Execution Services segment revenue reduced 27.4% Y/Y to $132.5 million.
- Adjusted EBITDA margin contracted 920 bps to 59.5%.
- Non-GAAP EPS of $0.70 beat the consensus of $0.62.
- Virtu held $754.3 million in cash and equivalents.
- Dividend: The board declared a quarterly cash dividend of $0.24 per share payable on December 15 to shareholders of record on December 1.
- Share Buyback: The board authorized an additional $750 million in share repurchases over the next two years.
- Price action: VIRT shares traded higher by 10.90% at $29.05 on the last check Wednesday.