Virtu Financial reports strong second quarter results with increased revenues and net income.

From GlobeNewswire.: 2024-07-18 07:00:00

Virtu Financial, Inc. (NASDAQ: VIRT) reported second quarter results for 2024, with net income of $128.1 million and revenues of $693.0 million. Adjusted EBITDA was $217.5 million, and the company completed a refinancing of existing debt with senior secured term loans and notes. A quarterly cash dividend of $0.24 per share was declared. Total revenues increased by 36.7% compared to the same period in 2023, with net income totaling $128.1 million for the quarter.

The company has two operating segments, Market Making and Execution Services. Market Making includes market making in cash, futures, and options markets. Execution Services offers agency-based trading and trading venues. Total revenues by segment for the second quarter of 2024 were $569.8 million for Market Making, $127.1 million for Execution Services, and $(3.9) million for Corporate. Adjusted Net Trading Income for the quarter was $285.6 million for Market Making and $99.5 million for Execution Services.

As of June 30, 2024, Virtu Financial had $716.7 million in cash and total long-term debt of $1,766.8 million. The company completed issuance of a senior secured term loan due in 2031, and issued senior secured first lien notes due in 2031. Since the inception of the Share Repurchase Program in 2020, Virtu Financial repurchased approximately 47.2 million shares for $1,181.4 million. The Board has authorized an additional $500 million for share repurchases.

Virtu Financial will host a conference call on July 18th to review its second quarter financial performance. The public can listen to the call through an audio webcast on the Investor Relations section of the company’s website. The company uses non-GAAP financial measures like Adjusted Net Trading Income to supplement its financial statements. The information is available on the company’s website and social media channels for investors and other interested parties.



Read more at GlobeNewswire.:: Virtu Announces Second Quarter 2024 Results