BGCP - BGC Partners reports Q1 earnings; initiates Q2 outlook

2023-05-03 08:06:10 ET

• BGC Partners press release ( NASDAQ: BGCP ): Q1 Non-GAAP EPS of $0.23 in-line.
• Revenue of $532.9M (+5.2% Y/Y) misses by $2.5M, (7.0 percent in constant currency).
• Pre-tax and post-tax Adjusted Earnings increased by 10.2 percent and 12.1 percent, respectively, and Adjusted EBITDA grew by 7.0 percent versus last year. BGC's growth has accelerated in the second quarter with overall revenue up 9 percent through the first 19 trading days.
• "We expect BGC's revenue to continue to grow as the relationship between trading volumes and the enormous increase in bond issuance returns, following the end of zero interest rates."
• Q2 Outlook :  Revenues of $450M - $500M vs. consensus of $491.3M; Pre-tax Adjusted Earnings of $90M - $110M.

For further details see: