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