NEW YORK, June 26, 2013 /PRNewswire/ -- BGC Partners, Inc. (NASDAQ: BGCP) ("BGC Partners," "BGC," or "the Company"), today announced that it has updated its outlook for the quarter ending June 30, 2013.
The Company expects its financial results for the second quarter of 2013 to be towards the higher end of the range of its previously stated guidance for revenues and earnings. The Company's second quarter outlook was first published in its financial results press release dated May 2, 2013, and was as follows:
Second Quarter 2013 Outlook Compared with Second Quarter 2012 Results
- The Company expected to generate distributable earnings revenues of between approximately $435 million and $465 million compared with $465.1 million.
- BGC Partners expected pre-tax distributable earnings to be between approximately $42 million and $53 versus $55.9 million.
- BGC Partners anticipated its effective tax rate for distributable earnings to be approximately 15 percent compared with 14.5 percent.
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