MarketAxess Holdings Inc. (MKTX), an Investment Brokerage firm, Wednesday posted a higher net income for the first quarter backed on by increase in revenue, and exceeded analyst estimates.
For the three-month period, the firm reported net income of $15.3 million or $0.41 per share compared with $13.5 million or $0.35 per share prior year quarter.
Five analysts' on average, surveyed by Thomson Reuters expected the company to report earnings of $0.37 for the first quarter. Analyst estimates typically exclude one-time items.
The company recorded total revenues of $55.6 million, a 9.5 percent increase from $50.7 million reported prior year quarter. The Street expected the company to report revenues of $54.45 million. In this, the commission revenue contributed $47.2 million compared with $44.9 million last year.
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