Virtu Financial, Inc. (NASDAQ:VIRT), a provider of financial services and products, today reported results for the fourth quarter ended December 31, 2023.
Total revenues increased 7.7% to $536.0 million for the final quarter of 2023, compared to $497.8 million for the same period in 2022. Trading income, net, decreased 14.9% to $266.6 million for the quarter compared to $313.3 million for the same period in 2022.
Net income totalled $6.7 million for this quarter, compared to net income of $39.6 million in the prior year quarter.
Basic and diluted earnings per share for this quarter were $0.05, compared to basic and diluted earnings per share of $0.27, for the same period in 2022.
Adjusted Net Trading Income decreased 4.8% to $260.9 million for this quarter, compared to $274.1 million for the same period in 2022. Adjusted EBITDA decreased 20.7% to $99.0 million for this quarter, compared to $125.4 million for the same period in 2022. Normalized Adjusted Net Income, removing one-time and non-cash items, decreased 31.3% to $44.1 million for this quarter, compared to $64.1 million for the same period in 2022.
Since inception of the share repurchase program in November 2020 through settlement date January 24, 2024, the company repurchased approximately 44.2 million shares of Class A Common Stock and Virtu Financial Units for approximately $1,121.8 million. The company has approximately $98.2 million remaining capacity for future purchases of shares of Class A Common Stock and Virtu Financial Units under the program.
