BGC Group Q3 revenue rises 13%, adjusted EPS up 17%
BGC•BGC Group’s third-quarter revenue rose 13% year over year to $832.6 million, while adjusted EPS increased 17.2% to $0.34. The company expects fourth-quarter revenue of $805 million to $865 million and adjusted pre-tax earnings of $178 million to $196 million.
1. Quarterly results
BGC Group reported third-quarter revenue of $832.6 million, up 13% year over year and slightly above the $824.83 million consensus estimate. Adjusted EPS rose 17.2% to $0.34, in line with estimates, and adjusted EBITDA was $249.5 million.
2. Outlook and drivers
The company expects fourth-quarter revenue of $805 million to $865 million and adjusted pre-tax earnings of $178 million to $196 million. ECS revenue rose on shipping, environmental and crude oil activity, while higher trading volumes benefited Rates and FX. Fenics Growth Platforms revenue increased 39.8%, driven by FMX, PortfolioMatch and Lucera.
3. Dividend declared
BGC declared a quarterly dividend of 2 cents. Higher commissionable revenue and product mix lifted compensation costs, while selling, promotion and brokerage costs rose with client activity.
