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UPDATE 1-FXCM results top Wall Street estimates
March 14, 2012 / 11:23 AM / 6 years ago

UPDATE 1-FXCM results top Wall Street estimates

* Q4 adj pro-forma EPS $0.28 vs est $0.17

* Q4 rev up 13 pct at $108.8 mln

* Institutional trading volumes more than double to $429 bln

March 14 (Reuters) - FXCM Inc, an online currency trading company, posted quarterly results above Wall Street expectations, driven by strong growth in retail and institutional trading volumes.

For the fourth quarter, the company, which went public in 2010, posted an adjusted pro-forma net income of $20.7 million, or 28 cents per share, up from $18.1 million, or 24 cents a share, last year.

Revenue jumped 13 percent to $108.8 million.

Analysts, on average, had expected a profit of 17 cents per share on revenue of $104.3 million, according to Thomson Reuters I/B/E/S.

The adjusted pro-forma results assume the conversion and exchange of all FXCM Holdings LLC’s units into FXCM Inc and eliminate certain non-recurring charges and equity-based compensation costs, the company said in a statement.

The New York-based company witnessed a more than two-fold increase in its institutional trading volumes, which stood at $429 billion for the quarter.

Retail trading volumes climbed 16 percent to $972 billion.

FXCM shares, which have jumped about 11 percent this month, closed at $10.50 on Tuesday on the New York Stock Exchange.

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