Investment Technology Group, Inc. (ITG), an agency broker and financial technology firm, reported Thursday a decrease in its first-quarter income, hurt by severance-related charges and lower trading volumes. On a per share basis, the results came in below analyst's estimates.
For the first quarter, net income dropped to $12.8 million or $0.29 per share from $33 million or $0.75 per share in the previous year. The results of the latest quarter included severance-related charges of $5.7 million, compared to $1.2 million in the year-ago period.
Total revenue for the quarter declined to $155.7 million from $204.3 million in the same period last year.
On average, eight analysts polled by Thomson Reuters expected the company to report earnings of $0.35 per share on revenue of $159.82 million in the first quarter. Analysts' estimate typically excludes special items.
Revenue from commissions decreased year-over-year to $129.04 million from $176.23 million.
Bob Gasser, ITG's Chief Executive said, "The first quarter was challenging with light trading volumes from our long-only institutional constituents who utilize our full range of product offerings, which impacted our average commission rate,"
ITG is currently trading at $23.19, up $1.24 or 5.65%, on the NYSE.
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