ITG To Buy Back Addl. 4 Mln Shares; Sees Higher Q3 Earnings - Quick Facts

(RTTNews) - Investment Technology Group Inc. (ITG) announced that its board has authorized the repurchase of an additional 4.0 million shares, bringing the total number of shares currently available for repurchase to 5.4 million shares.

Since ITG resumed its share repurchase activity in the first quarter of 2010, it has repurchased 12.6 million shares for $177.0 million, including 520,000 shares in the third quarter of 2014 for $9.1 million.

At September 30, 2014, ITG had 34.8 million shares outstanding, more than 20% below the amount of shares outstanding at the end of 2009.

The company also announced that it expects earnings for the third quarter of 2014 to be in the range of $0.31 to $0.33 per share, including a net income tax benefit of $2.4 million, or $0.07 per share, from resolving a contingency in the U.S. This compared to third quarter 2013 earnings of $0.20 per share. Analysts polled by Thomson Reuters expect the company to report earnings of $0.25 per share for the third-quarter. Analysts' estimates typically exclude special items.