Interactive Brokers Profit Surges On Revenue Growth - Update

(RTTNews) - Interactive Brokers Group Inc (IBKR), an automated electronic broker and market maker, Tuesday reported a surge in first-quarter quarter profit, helped by higher revenue across all segments.

Greenwich, Connecticut-based Interactive reported quarterly net earnings of $201 million or $0.34 per share, compared with $75 million or $0.14 per share last year.

On a comprehensive basis, which includes the effect of changes in the U.S. dollar value of the company's non-U.S. subsidiaries, earnings for the quarter climbed to $0.35 per share from $0.06 per share in the prior year.

On average, four analysts polled by Thomson Reuters estimated earnings of $0.30 per share for the quarter. Analysts' estimates typically exclude special items.

Net revenues for the first quarter were higher at $355 million, compared with $216 million in the prior year. Analysts estimated revenues of $322 million for the quarter.

Among segments, pretax income at the Electronic Brokerage segment grew 21 percent from last year to $134 million. Commissions and execution fees gained 14 percent, on growth in customer accounts and higher average trading activity per customer.

Pre-tax income at the Market Making segment was $88 million for the quarter, compared with a loss of $29 million a year ago.

The company declared a quarterly cash dividend of $0.10 per share.

The company's stock closed Tuesday at $21.56, up $0.41 or 1.94%, on a volume of 838k shares on the Nasdaq. In after hours, the stock gained $0.44 or 2.04% at $22.00.