Virtu Beats Q1 Estimates As Trading Income Jumps 35.5%, Margins Expand

Virtu Financial, Inc. VIRT shares were trading higher on Wednesday in the pre-market session after the company reported first-quarter results.

The company reported first-quarter adjusted earnings per share of $1.30, beating the street view of $1.17. Quarterly sales of $497.14 million outpaced the analyst consensus estimate of $462.84 million.

Net income totaled $189.6 million for this quarter, compared to net income of $111.3 million in the prior year quarter.

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Adjusted Net Trading Income increased 35.5% to $497.1 million for this quarter, compared to $366.9 million in the year-ago period.

Adjusted EBITDA increased 57.7% to $319.9 million for this quarter, compared to $202.8 million year over year. Adjusted EBITDA Margin expanded to 64.4% from 55.3% in the year-ago period.

Adjusted EBITDA of $319.9 million; Adjusted EBITDA Margin1 of 64.4%

The company exited the quarter with cash and equivalents worth $723.65 million, and total long-term debt outstanding in an aggregate principal amount of $1.768 billion.

In the quarter under review, the company had Share buybacks of $48.1 million, or 1.3 million shares, under the Share Repurchase Program.

Dividend: Virtu Financial declared a quarterly cash dividend of $0.24 per share. This dividend is payable on June 16 to shareholders of record as of May 30.

Price Action: VIRT shares are trading higher by 2.36% to $39.50 premarket at last check Wednesday.

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