Overview
- Virtu reported first-quarter results Wednesday, with revenue up 30.7% to $1.1 billion and net income rising to $346.6 million, or $1.99 per share.
- The market-making unit powered the gain with adjusted net trading income, the firm's measure of trading revenue, up 66.8% to $637.1 million and execution services reaching $149.5 million.
- Companywide adjusted net trading income rose 58.2% to $786.5 million as adjusted EBITDA climbed 62.7% to $520.6 million for a 66.2% margin.
- Management said record performance reflected more than $500 million of added trading capital, a multi-year technology buildout, and ongoing hiring for quantitative and software roles.
- The board kept a $0.24 quarterly dividend and the company ended March with $1.03 billion in cash and $2.05 billion in long-term debt.