This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

BGC Partners Updates Its Third Quarter 2012 Financial Outlook

NEW YORK, Sept. 27, 2012 /PRNewswire/ -- BGC Partners, Inc. (NASDAQ: BGCP) ("BGC Partners," "BGC," or "the Company"), a leading global brokerage company primarily servicing the wholesale financial and real estate markets, today updated its financial outlook for the third quarter ending September 30, 2012.

(Logo: http://photos.prnewswire.com/prnh/20110720/MM38935LOGO

The Company's financial results are expected to be within the range of its previously stated guidance for the third quarter of 2012. BGC expects distributable earnings revenues to be around the high-end of this range and for pre-tax distributable earnings to be around the mid-point. The Company's third quarter outlook was first published in its financial results press release dated July 26, 2012, and was as follows:

Third Quarter 2012 Outlook Compared with Third Quarter 2011 Results

  • The Company expected to generate distributable earnings revenues of between $415 million and $450 million, an increase of approximately 9 percent to 18 percent compared with $380.5 million
  • BGC Partners expected pre-tax distributable earnings to be between approximately $41 million and $52 million versus $62.6 million.[1]
  • BGC Partners anticipated its effective tax rate for distributable earnings to be approximately 14.5 percent compared with 15.0 percent. 

The above outlook included between $110 million and $125 million in revenues from Real Estate Services.  The Company now expects this figure to be above the high-end of this range. 

Distributable Earnings Defined

BGC Partners uses non-GAAP financial measures including "Revenues for distributable earnings," "pre-tax distributable earnings" and "post-tax distributable earnings," which are supplemental measures of operating performance that are used by management to evaluate the financial performance of the Company and its subsidiaries. BGC Partners believes that distributable earnings best reflects the operating earnings generated by the Company on a consolidated basis and are the earnings which management considers available for distribution to BGC Partners, Inc. and its common stockholders, as well as to holders of BGC Holdings partnership units during any period.

1 of 5

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 17,698.18 -77.94 -0.44%
S&P 500 2,059.69 -8.20 -0.40%
NASDAQ 4,880.2280 -20.6570 -0.42%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs