Business
MarketAxess Reports Second Quarter 2021 Revenues of $176.3 Million, Operating Income of $87.2 Million and Diluted EPS of $1.77
Second Quarter Highlights* Revenues of $176.3 million, down 5%Operating income of $87.2 million, down 16%Operating margin of 49.4%Diluted EPS of $1.77, down
About this update from Marketaxess Holdings, Inc.
[{"type":"text","content":"Second Quarter Highlights* Revenues of $176.3 million, down 5%Operating income of $87.2 million, down 16%Operating margin of 49.4%Diluted EPS of $1.77, down 20% from $2.202-year compound annual growth rates of 19% for revenue and 20% for operating income compared to second quarter of 2019Estimated U.S. high-grade market share of 21.1%Record municipal bond trading volume; closed MuniBrokers transaction in April 2021Emerging market trading volume up 11%; estimated market volumes down 17%Record active total client firms of 1,842 and international client firms of 930 *All comparisons versus second quarter 2020 unless otherwise stated. NEW YORK, July 21, 2021 (GLOBE NEWSWIRE) -- MarketAxess Holdings Inc. (Nasdaq: MKTX), the operator of a leading electronic trading platform for fixed-income securities, and the provider of market data and post-trade services for the global fixed-income markets, today announced results for the quarter ended June 30, 2021. “Second quarter results were heavily impacted by low levels of credit market volatility in a very tough year over year comparison for MarketAxess,” said Chairman and CEO Rick McVey. “We are proud of the Company’s record results achieved last Spring during elevated credit spread volatility and high market volume caused by the Pandemic and, though we were not able to duplicate those results, we believe the Company’s long-term revenue and earnings growth rates remain on track. In addition to consistent long-term growth in our core business, we are excited about the progress we are making in our international business, emerging markets, municipal bonds, and new trading protocols. We believe our investments are creating a much broader foundation for future growth that will be evident when more normal levels of volatility return to fixed income markets.” Second Quarter Results Total revenues for the second quarter of 2021 decreased 4.6% to $176.3 million, compared to $184.8 million for the second quarter of 2020. Operating income was $87.2 million, compared to $104.1 million for the second quarter of 2020, a decrease of 16.3%. Operating margin was 49.4%, compared to 56.4% for the second quarter of 2020. Net income totaled $67.3 million, or $1.77 per share on a diluted basis, compared to $83.9 million, or $2.20 per share, for the second quarter of 2020. Commission revenue for the second quart...