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BGC Partners, Inc. (NASDAQ:BGCP), the global brokerage company servicing the financial and real estate markets, has just reported its financial results for the second quarter of 2015.
The company boasted a steep rise in earnings, attributing the bulk of the growth to the benefits derived from the acquisition of GFI Group.
“BGC’s second quarter post-tax distributable earnings grew by 48.6 percent year-over-year to $64.6 million, while our revenues increased by approximately 59.1 percent to $684.6 million,” said Howard W. Lutnick, Chairman and Chief Executive Officer of BGC.
“This was the fourth consecutive quarter of record profits for the Company, and the third quarter in a row of best-ever revenues.”
Shaun D. Lynn, President of BGC, said: “Our overall Financial Services revenues improved by more than 60 percent year-over-year, driven by the acquisitions of GFI, R.P. Martin, and Remate Lince, as well as by strong organic growth from our foreign exchange, energy, and commodities desks. Our pre-tax distributable earnings increased by over 37 percent in Financial Services, driven by higher overall revenue and by the ongoing strength of our fully electronic businesses.”
The electronic businesses showed some solid results in the second quarter, with the successful trend continuing into the third quarter. Shaun D. Lynn noted that revenues from e-businesses are up by more than 190% in the first 17 trading days of July 2015 when compared with the same period a year earlier.
Let’s mention that in the second quarter of 2015, revenues from Forex services rose 67.2% year-on-year to $82.4 million.
BGC Partners’ Board of Directors declared a quarterly cash dividend of $0.14 per share payable on September 4, 2015 to Class A and Class B common stockholders of record as of August 21, 2015. The ex-dividend date will be August 19, 2015.
Outlook for Q3 2015
* BGC expects another quarter of record distributable earnings revenues and of record pre-tax distributable earnings.
* BGC forecasts distributable earnings revenues to rise by between approximately 51% and 61% and to be in the range $680 million – $725 million, compared with $449.8 million in Q2 2014.
* The Company expects pre-tax distributable earnings to increase by 22%-44% and to be in the range of $80 million to $95 million, versus $65.8 million in Q2 2014.
To view the official press release about the financial results for Q2 2015, click here.