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 second quarter ended June 30, 2024.
Total revenues increased 36.7% to $693.0 million for the second quarter of 2024, compared to $506.9 million for the same period in 2023.
Trading income, net, increased 39.3% to $426.4 million for the quarter compared to $306.2 million for the same period in 2023. Net income totalled $128.1 million for this quarter, compared to net income of $29.5 million in the prior year quarter.
Basic and diluted earnings per share for this quarter were $0.71, compared to basic and diluted earnings per share of $0.16, for the same period in 2023.
Adjusted Net Trading Income increased 38.2% to $385.1 million for this quarter, compared to $278.7 million for the same period in 2023. Adjusted EBITDA increased 78.3% to $217.5 million for this quarter, compared to $122.0 million for the same period in 2023. Normalized Adjusted Net Income, removing one-time and non-cash items, increased 119.2% to $135.3 million for this quarter, compared to $61.7 million for the same period in 2023.
Since inception of the share repurchase program in November 2020 through settlement date July 12, 2024, the company repurchased approximately 47.2 million shares of Class A Common Stock and Virtu Financial Units for approximately $1,181.4 million.
Including the additional $500 million authorization by its Board on April 24, 2024, the Company has approximately $538.6 million remaining capacity for future purchases of shares of Class A Common Stock and Virtu Financial Units under the program.
