Virtu Financial registers steep increase in revenues in Q1 2020

Maria Nikolova

Total revenues increased 176.6% to $1,004.1 million for the first quarter of 2020, driven by heightened levels of volatility, bid-ask spreads and trading volumes across global markets and asset classes.

Virtu Financial Inc (NASDAQ:VIRT) today reported its financial results for the first quarter ended March 31, 2020.

Total revenues for the first quarter of 2020 increased 176.6% from a year ago to $1,004.1 million on the back of heightened levels of volatility, bid-ask spreads and trading volumes across global markets and asset classes due to the COVID-19 pandemic.

Trading income, net, increased 211.6% to $802.5 million for the first quarter fo 2020, compared to $257.5 million for the same period in 2019. Net income totaled $388.2 million for the first quarter of 2020, compared to a net loss of $13.6 million in the prior year quarter, which included costs related to the ITG acquisition.

Basic and diluted earnings per share amounted to $1.80 in the first quarter of 2020, compared to a loss per share of $0.07 for the same period in 2019.

Adjusted Net Trading Income increased 242.8% from a year ago to $784.5 million for the first quarter of 2020. Adjusted EBITDA increased 358.6% to $569.7 million for the quarter to end-March 2020, compared to $124.2 million for the same period in 2019.

Normalized Adjusted EPS reached $2.05 in the first quarter of 2020, compared to $0.34 for the same period in 2019.

The Virtu Financial, Inc. Board of Directors declared a quarterly cash dividend of $0.24 per share. This dividend is payable on June 15, 2020 to shareholders of record as of June 1, 2020.

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