MarketAxess Q3 Profit Drops - Quick Facts

(RTTNews) - MarketAxess Holdings Inc. (MKTX), operator of a leading electronic trading platform for fixed-income securities, Wednesday said third-quarter net income fell to $17.5 million or $0.46 per share from $18.3 million or $0.48 per share in the prior year.

The previous year's results were favorably impacted by a catch-up tax benefit of about $2.0 million or $0.05 per share.

Excluding this income tax benefit, non-GAAP net income for the third quarter of 2013 totaled $16.3 million or $0.43 per share.

On average, five analysts polled by Thomson Reuters expected earnings of $0.47 per share for the quarter. Analysts' estimates typically exclude special items.

Total revenues grew 5.1 percent to $64.2 million from $61.1 million for the third quarter of 2013. Analysts expected revenues of $64.92 million.

The company's board of directors declared a quarterly cash dividend of $0.16 per share of common stock outstanding, to be paid on November 20, to stockholders of record as of the close of business on November 6.

Rick McVey, CEO, said, "The third quarter results are solid in light of the summer seasonal slowdown, benign market environment and heavy new issue calendar. We are especially encouraged by the growth rates we see in Open Trading, high-yield and Europe. Market volatility is picking up as we start the fourth quarter, leading to an increase in bond trading activity."