Thursday, Investment Technology Group, Inc. (ITG), a provider of technology-based trading services and transaction research, reported a 5% decline in second quarter profit on higher expenses, while revenues increased 3%. However, earnings per share was in line with analysts' estimate.
Net income for the second quarter ended June 30, 2008 declined 5% to $25.7 million from $27.2 million in the second quarter of 2007. Earnings per share declined 3% to $0.58 from $0.60 in the prior year period, yet was in line with the estimate of $0.58 projected by eight analysts polled by First Call/Thomson Financial.
Total revenue increased 3% to $180.4 million, from $175.7 million for the second quarter of 2008 and came above seven analysts' consensus estimate of $182.62 million for the quarter.
Total expenses increased to $136.2 million from $129 million in the comparable period last year.
Commenting on the results, Bob Gasser, chief executive officer and president, said, "Although major international market indices were down double digits, our non-US business delivered solid revenues in the second quarter and we remain confident about our future growth in Asia, Canada and Europe."
For the six months ended June 30, 2008, net income increased to $58.7 million or $1.33 per share from $51.9 million or $1.16 per share in the same period last year. Revenues increased 12% to $384.6 million from $344.5 million in the prior-year period.
ITG closed Wednesday's regular trading session at $30.38.
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