Virtu Financial, Inc. (NASDAQ:VIRT), a provider of financial services and products that leverages cutting edge technology to deliver innovative, transparent trading solutions to its clients and liquidity to the global markets, today reported results for the first quarter ended March 31, 2024.
Total revenues increased 3.6% to $642.8 million for the first quarter of 2024, compared to $620.4 million for the same period in 2023.
Trading income, net, decreased 1.1% to $408.1 million for the first three months of 2024 compared to $412.5 million for the same period in 2023. Net income totalled $111.3 million for this quarter, compared to net income of $110.1 million in the prior year quarter.
Basic and diluted earnings per share for this quarter were $0.59, compared to basic and diluted earnings per share of $0.56, for the same period in 2023.
Adjusted Net Trading Income decreased 1.7% to $366.9 million for this quarter, compared to $373.1 million for the same period in 2023. Adjusted EBITDA decreased 2.2% to $202.8 million for this quarter, compared to $207.5 million for the same period in 2023. Normalized Adjusted Net Income, removing one-time and non-cash items, decreased 2.6% to $124.3 million for this quarter, compared to $127.6 million for the same period in 2023.
Assuming all non-controlling interests had been exchanged for common stock, and the Company’s Normalized Adjusted Net Income before income taxes was subject to corporation taxes, Normalized Adjusted EPS was $0.76 for this quarter, compared to $0.74 for the same period in 2023.
