BGC Group, Inc. (NASDAQ: BGC) has reported its financial results for the quarter ended June 30, 2024. The company delivered record second quarter revenues of $550.8 million, marking an 11.7% increase from the same period last year. The GAAP income from operations before income taxes was $55.2 million, a significant improvement from a loss of $31.3 million in the second quarter of 2023. Additionally, GAAP net income for fully diluted shares surged to $36.1 million, compared to a loss of $19.7 million in the previous year.
Adjusted earnings before noncontrolling interest in subsidiaries and taxes reached $125.8 million, reflecting a noteworthy 19.2% growth from the same period in 2023. Post-tax adjusted earnings also increased by 14.7% to $114.7 million, and adjusted EBITDA grew by 20.2% to $162.4 million.
In terms of per share results, the GAAP fully diluted earnings per share stood at $0.08, a substantial increase from the negative $0.05 reported in the second quarter of 2023. Post-tax adjusted earnings per share improved by 15.0% to $0.23.
The company's revenues experienced broad-based growth across all geographies, with revenues across EMEA, Americas, and APAC growing by 14.4%, 9.5%, and 7.9% respectively. BGC's total brokerage revenues grew by 11.3%, with notable increases in rates, ECS, foreign exchange, credit, and equities.
Fenics, a key component of BGC's business, saw its second quarter revenues grow by 9.7% to $137.3 million. This growth was driven by higher electronic trading activity and strong improvement in data, network, and post-trade subscription revenues. The company's rapidly growing ECS business is expected to provide future electronic growth opportunities for its Fenics Markets business.
Looking ahead, the company provided guidance for the third quarter of 2024, with projected revenues of $505 million to $555 million and pre-tax adjusted earnings in the range of $110 million to $127 million.
Additionally, BGC declared a quarterly qualified cash dividend of $0.02 per share, payable on September 3, 2024.
The company's fully diluted weighted-average share count for adjusted earnings decreased by 1.7% compared to the second quarter of 2023, and increased by 0.4% versus the first quarter of 2024.
BGC's board of directors also declared a quarterly qualified cash dividend of $0.02 per share payable on September 3, 2024, to class A and class B common stockholders of record as of August 19, 2024.
An investor presentation as well as detailed financial information is available for download on the company's investor relations website. Following these announcements, the company's shares moved -3.0%, and are now trading at a price of $9.02. If you want to know more, read the company's complete 8-K report here.
