On November 2, 2023, Virtu Financial Inc (VIRT, Financial), a leading provider of financial services and products, announced its financial results for the third quarter ended September 30, 2023. The company reported a net income of $117.6 million and a normalized adjusted net income of $74.7 million. The basic and diluted earnings per share stood at $0.63, with a normalized adjusted EPS of $0.45.
Financial Performance
Virtu Financial Inc (VIRT, Financial) reported total revenues of $630.2 million for the third quarter, marking a 12.3% increase compared to $561.0 million for the same period in 2022. Trading income, net, decreased to $316.1 million for the quarter compared to $397.4 million for the same period in 2022. The company also reported an adjusted EBITDA of $139.5 million and an adjusted EBITDA margin of 46.8%.
Share Buybacks and Dividends
Under the Share Repurchase Program, the company bought back shares worth $48.8 million, or 2.7 million shares. The Virtu Financial Inc. Board of Directors declared a quarterly cash dividend of $0.24 per share, payable on December 15, 2023, to shareholders of record as of December 1, 2023.
Financial Condition
As of September 30, 2023, Virtu Financial Inc (VIRT, Financial) had $726.4 million in cash, cash equivalents, and restricted cash. The total long-term debt outstanding was in an aggregate principal amount of $1,805.4 million.
Share Repurchase Program
Since the inception of the program in November 2020 through settlement date October 31, 2023, the company repurchased approximately 42.2 million shares of Class A Common Stock and Virtu Financial Units for approximately $1,083.7 million. The company has approximately $136.3 million remaining capacity for future purchases of shares of Class A Common Stock and Virtu Financial Units under the program.
Earnings Conference Call Information
Virtu Financial will host a conference call to review its third quarter 2023 financial performance today, November 2nd, at 8:00 a.m. ET. Members of the public may listen to the conference call through an audio webcast through the Investor Relations section of the firm’s website.
Explore the complete 8-K earnings release (here) from Virtu Financial Inc for further details.
