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ESpeed's Revenue Declines

The company reported net income of 2 cents a share for the first quarter.
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ESpeed

(ESPD)

posted quarterly results that were better than expected, and the company offered guidance that would surpass estimates for the full year.

The company reported net income of $1.3 million, or 2 cents a share, for the first quarter. Before items, eSpeed earned $2.7 million, or 5 cents a share. Total revenue for the first quarter was $38.9 million, compared with $44.6 million a year ago. Fully electronic volume was $6.4 trillion for the first quarter, up 12.6% from $5.7 trillion in the fourth quarter.

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Analysts polled by Thomson First Call expected earnings of 4 cents a share with revenue of $36.7 million in the quarter.

For the second quarter, eSpeed expects to generate revenue in excess of $38 million and report a profit before items of 4 cents to 5 cents a share. For the full year, the developer of electronic trading marketplaces expects revenue of at least $155 million, with earnings of 15 cents to 18 cents a share, excluding any items.

The company is expected to earn 5 cents a share in the second quarter and 20 cents for the year. Wall Street's revenue estimates are $38.4 million for the second quarter and $152.9 million for the year.