Overview

* MarketAxess ( MKTX ) Q3 revenue rises 1% to $208.8 mln, slightly missing analyst expectations

* Diluted EPS for Q3 falls 3% yr/yr to $1.84

* Company sees 10% growth in block trading ADV, strong non-U.S. credit revenue

Outlook

* MarketAxess ( MKTX ) aims to grow U.S. credit market share with new trading solutions

* Company enhances block trading and portfolio trading solutions for growth

* MarketAxess ( MKTX ) launches Mid-X solution to boost dealer-initiated trading

Result Drivers

* NON-U.S. CREDIT GROWTH - Co reports 10% revenue growth outside U.S. credit, supported by RFQ-hub addition

* PORTFOLIO TRADING ADV - Record U.S. credit portfolio trading ADV of $1.1 bln, up 16%

* DEALER-INITIATED ADV - 18% increase in dealer-initiated ADV to $1.5 bln

Key Details

Metric Beat/Mis Actual Consensu

s s

Estimate

Q3 Slight $209 mln $209.01

Revenue Miss* mln (11

Analysts

)

Q3 EPS $1.84

Q3 Net $68 mln

Income

Q3 $108 mln

EBITDA

Q3 $85.58

Operatin mln

g Income

Q3 $93.64

Pretax mln

Profit

*Applies to a deviation of less than 1%; not applicable for per-share numbers.

Analyst Coverage

* The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 7 "strong buy" or "buy", 7 "hold" and 1 "sell" or "strong sell"

* The average consensus recommendation for the financial & commodity market operators & service providers peer group is "buy"

* Wall Street's median 12-month price target for Marketaxess Holdings Inc ( MKTX ) is $190.00, about 12.8% above its November 6 closing price of $165.75

* The stock recently traded at 21 times the next 12-month earnings vs. a P/E of 26 three months ago

Press Release:

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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)