BGC Group Reports Record Q3 Revenues

By Tamara Parker • Thursday, October 31 10:29 • Permanent Link

BGC Group, Inc. (NASDAQ: BGC) has reported record third quarter revenues of $561.1 million, marking a significant 16.2% increase compared to the same period last year. This substantial growth was observed across every asset class and region. The company's profitability also saw a double-digit increase across various adjusted earnings metrics during the quarter.

The pre-tax adjusted earnings grew by 24.4% to $126.7 million, while post-tax adjusted earnings increased by 34.5% to $126.6 million. Post-tax adjusted earnings per share also improved by 36.8% to $0.26 per share. Additionally, adjusted EBITDA grew by 11.4% to $151.4 million for the third quarter.

In terms of consolidated revenues, the total brokerage revenues grew by 15.1%, with rates revenues increasing by 19.6% to $174.3 million and ECS (Energy, Commodities, and Shipping) revenues growing by 21.3% to $112.9 million. Foreign exchange revenues improved by 15.4% to $92.1 million, while credit revenues increased by 6.7% to $68.0 million.

The Fenics division also demonstrated strong performance, with revenues growing by 13.3% to $142.1 million. This growth was driven by a 9.2% increase in Fenics Markets revenues and a remarkable 37.3% increase in Fenics Growth Platforms revenues.

BGC's fully diluted weighted-average share count for adjusted earnings was 494.8 million during the third quarter, representing a 0.4% decrease compared to the second quarter of 2024 and a 1.0% increase compared to the third quarter of 2023.

Looking ahead, BGC expects its fully diluted weighted-average share count to remain approximately flat for the full year 2024. The company's board of directors also declared a quarterly qualified cash dividend of $0.02 per share payable on December 4, 2024, to class A and class B common stockholders of record as of November 21, 2024.

Additionally, BGC recently closed its acquisition of Sage Energy Partners and entered into a definitive agreement to acquire OTC Global Holdings, which is expected to add more than $450 million in annual revenue.

For further details on the company's financial results, an investor presentation and additional financial information are available for download on BGC's investor relations website. Today the company's shares have moved 0.2% to a price of $9.56. Check out the company's full 8-K submission here.

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