Business
MarketAxess Reports Third Quarter 2021 Revenues of $162.1 Million, Operating Income of $74.0 Million and Diluted EPS of $1.52
Third Quarter Highlights* Revenues of $162.1 million, down 1%Operating income of $74.0 million, down 16%Operating margin of 45.7%Diluted EPS of $1.52, down
About this update from Marketaxess Holdings, Inc.
[{"type":"text","content":"Third Quarter Highlights* Revenues of $162.1 million, down 1%Operating income of $74.0 million, down 16%Operating margin of 45.7%Diluted EPS of $1.52, down 15% from $1.78Estimated U.S. high-grade market share of 21.4%Record active total client firms of 1,848 and international client firms of 934 *All comparisons versus third quarter 2020 unless otherwise stated. NEW YORK, Oct. 20, 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 September 30, 2021. \"Growth in our global client network and adoption of automated solutions continued in the third quarter in spite of generally weak secondary trading conditions in global credit trading. Credit spreads and credit spread volatility have remained at historically low levels throughout the year,\" said Rick McVey, chairman and CEO of MarketAxess. \"Investments in our international client business are paying off with record estimated market share in Eurobonds and strong trends in global Emerging Markets bond trading. Combined data and post-trade revenue also reached a new record this quarter, providing an important source of diversification.\" Third Quarter Results Total revenues for the third quarter of 2021 decreased 1.2% to $162.1 million, compared to $164.0 million for the third quarter of 2020. Operating income was $74.0 million, compared to $87.8 million for the third quarter of 2020, a decrease of 15.7%. Operating margin was 45.7%, compared to 53.5% for the third quarter of 2020. Net income totaled $58.0 million, or $1.52 per share on a diluted basis, compared to $67.8 million, or $1.78 per share, for the third quarter of 2020. Commission revenue for the third quarter of 2021 decreased 5.2% to $142.8 million, compared to $150.6 million for the third quarter of 2020. Variable transaction fees decreased 9.0% to $112.1 million for the third quarter of 2021, compared to variable transaction fees of $123.2 million for the third quarter of 2020. Commission revenue includes $1.2 million generated by MuniBrokers, which was acquired in April 2021. U.S. high-grade trading volume as a percentage of FINRA’s high-grade TRACE trading volume was an estimated 21....