Virtu Financial reports strong Q3 revenue growth, fueled by increased trading income and impressive overall financial performance.
Virtu Financial reports strong Q3 revenue growth, fueled by increased trading income and impressive overall financial performance.
Virtu Financial announced impressive financial results for Q3 ended September 30, 2024, highlighting notable revenue growth. The company reported total revenues of $706.8 million, marking a 12.2% increase from $630.2 million during the same quarter in 2023.
This growth primarily results from a remarkable 40.5% rise in net trading income, reaching $444.0 million compared to $316.1 million a year earlier. Net income for the quarter stood at $119.0 million, a slight increase from $117.6 million in the previous year.
Correspondingly, the company’s earnings per share also showed positive growth, with primary and diluted earnings per share at $0.65 and $0.64, respectively, compared to $0.63 for both metrics in Q3 2023. Adjusted metrics reflected a solid operational performance, with Adjusted Net Trading Income climbing 30.2% to $388.0 million and Adjusted EBITDA soaring 54.0% to $214.8 million year-over-year.
Notably, Normalized Adjusted Net Income, which excludes one-time and non-cash items, skyrocketed 76.8% to $132.1 million compared to $74.7 million in the same quarter last year.
If all non-controlling interests exchanged for common stock, the Normalized Adjusted EPS would reach $0.82, a significant increase from $0.45 in Q3 2023. As of the end of September, Virtu reported $738.2 million in cash, cash equivalents, and restricted cash, alongside total long-term debt of $1,769.4 million.
Furthermore, since launching its share repurchase program in November 2020, Virtu has bought back approximately 49.2 million Class A Common Stock shares and Virtu Financial Units, totaling about $1,240.7 million. The company still has approximately $479.3 million available for future share repurchases, signaling confidence in its ongoing financial strength and market position.
In conclusion, Virtu Financial’s strong Q3 results highlight robust revenue growth and increased trading income. The company’s financial performance underscores its market resilience. With a solid cash position, Virtu is well-positioned for future opportunities.
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