Virtu Financial Shares Gain On Q3 Beat, Share Repurchase Ramp Up By $750M

  • Virtu Financial Inc 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.
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