Source Pravda.Ru

Knight Capital delivers better results

Knight Capital Group Inc posted a first-quarter profit that topped analysts' forecasts as a strong performance by its global markets segment offset losses at its asset management unit.

The company reported earnings of $32.5 million, or 35 cents a share, compared with profit of $31.9 million, or 31 cents a share, in the year-ago quarter.

Revenue fell 7 percent to $224.9 million.

Analysts expected earnings of 30 cents a share, before special items, on revenue of $215.1 million.

Revenue at the company's global markets segment, which offers trade execution products and services, increased by 27 percent to $218.8 million, helped by high volatility. The segment reported pre-tax earnings of $78.9 million, compared to pre-tax earnings of $36.1 million in the year ago quarter.

"An increase in net trading revenue, bolstered by further growth in Listed volumes and a record quarter from our London-based team, helped drive strong results (at global markets)," Chief Executive Thomas Joyce said in a statement.

The asset management segment, Deephaven Capital Management, reported a pre-tax loss of $4.1 million in the first quarter, compared with pre-tax earnings of $18.9 million in the first quarter of 2007.

"Deephaven experienced one of the more difficult quarters in its fourteen-year history," Joyce said.

Shares of the Jersey City, New Jersey-based company closed at $15.03 on Tuesday at Nasdaq.

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