Investment Technology Group Turns To Profit In Q2, But Results Miss View

(RTTNews) - Investment Technology Group Inc. (ITG), an independent broker and financial technology provider, reported a turnaround to profit in the second quarter on slightly higher revenues and lower expenses. However, results for the quarter missed analysts' estimates.

The company's second-quarter net income was $4.6 million or $0.14 per share, compared to net loss of $5.2 million or $0.16 per share in the same period last year.

The year-ago period's results include the impact of pre-tax charges and a partial offsetting pre-tax gain netting to $7.1 million or $0.14 per share after-taxes.

Excluding this, adjusted loss for the year-ago quarter was $0.02 per share.

On average, twenty seven analysts polled by Thomson Reuters expected the company to report earnings of $0.16 per share for the latest quarter. Analysts' estimates typically exclude special items.

Revenues for the quarter grew to $121.6 million from $120.6 million and from adjusted revenues of $118.2 million in the year-ago period. Analysts had a consensus revenue estimate of $123.3 million.