BGCP - BGC Partners stock leaps after delivering strong sales guide Q4 beat

February, 27 2023 11:31 AM BGC Partners Inc.

BGC Partners ( NASDAQ: BGCP ) stock rallied as much as 14.8% in Monday morning trading after the brokerage firm issued above-consensus first-quarter revenue guidance after stronger-than-expected Q4 results.
The company is calling for Q1 revenue of $515M-$565M, compared with the $509M average analyst estimate.
Post-tax adjusted EPS of $0.16, topping the $0.15 consensus, slipped from $0.17 in the year-ago quarter. Revenue of $436.5M, exceeding the $423M consensus, slid from $461.6M in Q4 2021.
"The return of meaningful interest rates and the reemergence of the strong positive correlation between issuance and increasing trading volumes are delivering broad-based growth across our business," said Chairman and CEO Howard W. Lutnick.
BGCP said it has seen revenue growth across all of its asset classes (i.e., rates, FX, credit, etc.) through the first 35 trading days of 2023.
Total expenses fell to $438.64M from $679.75M a year before.
Adjusted EBITDA came in at $124.0M, down from $230.3M in the year-earlier period.
Earlier, BGC Partners declared a quarterly dividend of $0.01 per share .

For further details see: