BGCP - BGC Partners erases early decline Q1 guidance range brackets consensus
After falling as much as 6.7% in early trading, BGC Partners (NASDAQ:BGCP) stock rose 0.2% late morning trading on Wednesday. The company issued Q1 guidance for $490M-$540M of revenue, excluding insurance, vs $515.1M reported in Q1 2021, and expects Q1 pretax adjusted earnings of $105M-$125M vs. $113.9M in the year-ago quarter. Q1 revenue guidance midpoint is $515 may not be comparable to $523.1M consensus estimate, due to subtraction of insurance revenue. BGCP's revenue was ~2% lower for the first 28 trading days of Q1 2022 when compared with the same period in 2021, according to the company's Q4 earnings slides. The company recently launched several crypto products and expects to have a "comprehensive offering by the end of 2022." It also notes, "Our futures exchange was among the first exchanges permitted to list crypto derivatives, an advantage we plan to leverage as we scale our cryptocurrency offerings," said BGCP Chairman and CEO
For further details see:
BGC Partners erases early decline, Q1 guidance range brackets consensus