KCG Reports Q4 Profit On Gain From Sale Of Shares In Bats - Quick Facts

(RTTNews) - KCG Holdings, Inc. (KCG) reported consolidated earnings of $196.2 million, or $2.47 per share, for the fourth quarter of 2016. Included in the fourth quarter pre-tax earnings of $309.9 million is a pre-tax gain of $331.0 million from the sales of substantially all shares of Bats Global Markets, Inc. owned by KCG. In the fourth-quarter of prior year, the company recorded a loss of $3.0 million or $0.03 per share.

Fourth-quarter total revenues were $580.54 million compared to $264.04 million, prior year. Net revenue, a non-GAAP measure, decreased to $147.46 million compared to $157.69 million, last year.

Daniel Coleman, CEO of KCG, said: "From an operating perspective, revenues in the fourth quarter fell below our expectations reflecting the continuation of a difficult trading environment. However, a rise in revenues on an operating basis from the prior quarter reflects the improved market conditions starting in November. In 2017, we're focused on returning our revenues to previous levels, changing our infrastructure and returning capital to shareholders when prudent."