Virtu Financial Q1 revenue beats estimates on Market Making segment growth
Virtu Financial VIRT | 0.00 |
Overview
US electronic trading firm's Q1 revenue rose, beating analyst expectations
Normalized Adjusted EPS for Q1 beat analyst expectations
Adjusted Net Income for Q1 rose 71% and beat consensus
Outlook
Company did not provide specific guidance or outlook for future quarters or the full year
Result Drivers
MARKET MAKING GROWTH - Market Making segment trading income rose sharply, driving overall revenue and profit growth
EXECUTION SERVICES - Higher commissions and technology services income in Execution Services supported revenue growth
LOWER BROKERAGE AND CLEARANCE FEES - Brokerage, exchange, clearance fees and payments for order flow fell, supporting improved margins
Company press release: ID:nGNX98dhMX
Key Details
Metric |
Beat/Miss |
Actual |
Consensus Estimate |
Q1 Revenue |
Beat |
$1.10 bln |
$613.19 mln (6 Analysts) |
Q1 Normalized Adjusted EPS |
Beat |
$2.24 |
$1.65 (7 Analysts) |
Q1 Adjusted Net Income |
Beat |
$356.70 mln |
$241.92 mln (5 Analysts) |
Q1 Net Income |
|
$346.60 mln |
|
Analyst Coverage
The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 3 "strong buy" or "buy", 3 "hold" and 1 "sell" or "strong sell"
The average consensus recommendation for the investment banking & brokerage services peer group is "buy"
Wall Street's median 12-month price target for Virtu Financial Inc is $49.50, about 1.2% above its April 28 closing price of $48.91
The stock recently traded at 9 times the next 12-month earnings vs. a P/E of 7 three months ago
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