MarketAxess (MKTX) Q3 Earnings: How Key Metrics Compare to Wall Street Estimates
For the quarter ended September 2023, MarketAxess (MKTX) reported revenue of $172.28 million, up 0.1% over the same period last year. EPS came in at $1.46, compared to $1.58 in the year-ago quarter.
The reported revenue compares to the Zacks Consensus Estimate of $173.39 million, representing a surprise of -0.64%. The company delivered an EPS surprise of -2.01%, with the consensus EPS estimate being $1.49.
While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street expectations to determine their next move, some key metrics always offer a more accurate picture of a company's financial health.
Since these metrics play a crucial role in driving the top- and bottom-line numbers, comparing them with the year-ago numbers and what analysts estimated about them helps investors better project a stock's price performance.
Here is how MarketAxess performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:
Average Daily Volume - Credit - Emerging markets: $2.80 billion versus the four-analyst average estimate of $2.75 billion.
Average Daily Volume - Credit - High-yield: $1.29 billion versus the four-analyst average estimate of $1.39 billion.
Average Daily Volume - Credit - Eurobonds: $1.48 billion versus the four-analyst average estimate of $1.53 billion.
Average Variable Transaction Fee Per Million - Credit: $154.85 versus $156.49 estimated by four analysts on average.
Revenues- Commissions: $150.50 million versus the five-analyst average estimate of $152.96 million. The reported number represents a year-over-year change of -1.7%.
Revenues- Information services: $11.80 million compared to the $11.54 million average estimate based on five analysts. The reported number represents a change of +21.5% year over year.
Revenues- Post-trade services: $9.83 million versus the five-analyst average estimate of $9.45 million. The reported number represents a year-over-year change of +9.3%.
Revenues- Other: $0.15 million versus $0.22 million estimated by five analysts on average. Compared to the year-ago quarter, this number represents a -35% change.
Total commission revenue- Total fixed distribution fees- Credit: $36.17 million versus $35.73 million estimated by four analysts on average.
Total commission revenue- Total variable transaction fees- Credit: $109.07 million versus $112.76 million estimated by four analysts on average.
Total commission revenue- Total fixed distribution fees: $36.22 million compared to the $35.76 million average estimate based on four analysts. The reported number represents a change of +15.4% year over year.
Total commission revenue- Total variable transaction fees: $114.27 million versus $117.94 million estimated by four analysts on average. Compared to the year-ago quarter, this number represents a -6.2% change.
View all Key Company Metrics for MarketAxess here>>>
Shares of MarketAxess have returned +14.7% over the past month versus the Zacks S&P 500 composite's -1.6% change. The stock currently has a Zacks Rank #3 (Hold), indicating that it could perform in line with the broader market in the near term.
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MarketAxess Holdings Inc. (MKTX) : Free Stock Analysis Report