MarketAxess Holdings Inc.
) reported second quarter 2013 net earnings of 49cents per share,
beating the Zacks Consensus Estimate of 47 cents per share by
4.2%. Results also surpassed the year-ago earnings of 34 cents
per share by 44%.
Total revenues as reported by MarketAxess for the second quarter
of 2013 amounted to $65.6 million, higher than the Zacks
Consensus Estimate of $60 million. Results also exceeded the
year-ago revenues of $48.8 million by 34.3%. The increase was
primarily attributable to higher commissions (up 27%), higher
revenues from information and post-trade services (up 301.8%),
and technology products and services (up 9.8%).
Total expenses escalated 23.3% year over year to $34 million in
the second quarter of 2013. Results were driven by increase in
technology and communication expenses, professional and
consulting fees, occupancy costs, and general and administrative
Total volumes traded on the exchange amounted to $187.7 billion
in the second quarter of 2013, an increase of almost 29.6% from
$144.8 billion in the second quarter of 2012.
Cash and cash equivalents for MarketAxess as of Jun 30, 2013
stood at $135.5 million, up 5.1% from the 2012 end level.
Total Assets of the company at the end of the second quarter were
$305.4 million, up 9.1% from $279.8 million at year end 2012.
Shareholders' Equity as of Jun 30, 2013 was $270.6 million, up
11.5% from $242.7 million at year end 2012.
The Board of Directors of the company declared a quarterly cash
dividend of 13 cents per share which will be paid on Aug 22, 2013
to shareholders of record as of Aug 8, 2013.
MarketAxess expects total capital expenditure for full year 2013
to be between $21 million to $24 million. This guidance is higher
than the previous guidance of $15 million to $18 million.
An upward revision in the guidance reflects the build-out of
new office space in London following the Xtracker acquisition.
The space will be occupied by the company in the last quarter of
this year. Additionally, higher new product software development
costs also have been accounted for in the guidance.
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MarketAxess anticipates 2013 expense to be in the range of
$137-$143 million. Tax rate is expected to be within 38% and 40%.
Nasdaq OMX Group Inc.
) reported second quarter 2013 operating earnings per share of 62
cents. The result beat the Zacks Consensus Estimate by a penny
but missed the prior-year quarter earnings of 64 cents per share.
MarketAxess currently carries a Zacks Rank #1 (Strong Buy). Among
others in the industry,
CBOE Holdings Inc.
) with a Zacks Rank #2 (Buy) is scheduled to release its second
quarter 2013 results on Aug 2 and
) with the same Zacks Rank as MarketAxess is scheduled to release
its second quarter results on Aug 1, 2013.