Business
MarketAxess Reports Third Quarter 2019 Record Revenues of $131.6 Million, Record Operating Income of $66.0 Million and Record Diluted EPS of $1.42
Third Quarter Financial Highlights* Record revenues of $131.6 million, up 30%Record operating income of $66.0 million, up 42%Record diluted EPS of $1.42, up
About this update from Marketaxess Holdings, Inc.
[{"type":"text","content":"Third Quarter Financial Highlights*\n Record revenues of $131.6 million, up 30%Record operating income of $66.0 million, up 42%Record diluted EPS of $1.42, up 39% from $1.02Record trading volume of $528.7 billion, up 37%Record Open TradingTM volume of $141.7 billion, up 61%Record estimated U.S. high-grade market share of 20.2% *All comparisons versus third quarter 2018. NEW YORK, Oct. 23, 2019 (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 September 30, 2019. “Broad-based growth in trading volumes across all major products and geographic regions drove record results in the third quarter as dealers and investors continue to embrace new solutions for credit trading automation,” said Rick McVey, Chairman and CEO of MarketAxess. “In addition to the acceleration of growth in current products, we are excited about new growth opportunities in U.S. Treasury trading, portfolio trading and Live Markets. Our investment in new technology solutions and products for our clients continues to grow while at the same time we produced operating margins in excess of 50% during the third quarter.” Third Quarter Results Total revenues for the third quarter of 2019 increased 29.7% to $131.6 million, compared to $101.4 million for the third quarter of 2018. Operating income was $66.0 million, compared to $46.4 million for the third quarter of 2018, an increase of 42.1%. Operating margin was 50.1%, compared to 45.8% for the third quarter of 2018. Net income totaled $54.0 million, or $1.42 per share on a diluted basis, compared to $38.6 million, or $1.02 per share, for the third quarter of 2018. Commission revenue for the third quarter of 2019 increased 32.4% to $119.9 million, compared to $90.5 million for the third quarter of 2018. Variable transaction fees increased 45.5% to $96.0 million on total trading volume of $528.7 billion for the third quarter of 2019, compared to variable transaction fees of $66.0 million on total trading volume of $385.5 billion for the third quarter of 2018. U.S. high-grade trading volume as a percentage of FINRA’s high-grade TRACE trading volume increased to an estimated 20.2% for the third...