bgc partners inc-cl a (BGCP) Key Developments
BGC Partners, Inc. Announces Launch of European Power Desk
Nov 18 13
BGC Partners, Inc. announced the launch of its European Power desk. Based in London, BGC's European Power desk will focus on brokering power products in the French, German and Polish markets. The launch highlights the company's growing global energy practice, which includes its oil options, softs and base metal teams in London, BGC Radix Energy in Asia, as well as its U.S. energy derivatives desk, environmental energy commodities desk, and Houston-based electricity, natural gas and environmental group.
BGC Partners, Inc. Presents at Keefe, Bruyette & Woods Securities Brokerage and Market Structure Conference, Nov-19-2013 01:45 PM
Nov 5 13
BGC Partners, Inc. Presents at Keefe, Bruyette & Woods Securities Brokerage and Market Structure Conference, Nov-19-2013 01:45 PM. Venue: Marriott Marquis Times Square, 1535 Broadway, New York, NY 10036, United States. Speakers: Howard W. Lutnick, Chairman and Chief Executive Officer.
BGC Partners, Inc. Reports Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended September 30, 2013; Provides Earnings Guidance for the Fourth Quarter of 2013
Oct 31 13
BGC Partners, Inc. reported unaudited consolidated earnings results for the third quarter and nine months ended September 30, 2013. For the quarter, the company reported total revenues of $433,345,000 against $440,317,000 a year ago. Income from operations before income taxes was $42,663,000 against $3,612,000 a year ago. Net income available to common stockholders was $25,326,000 against net loss available to common stockholders of $451,000 a year ago. Fully diluted earnings per share were $0.11. Loss on total pre-tax adjustments was $10,242,000 against total pre-tax adjustments of $43,073,000 a year ago. Adjusted EBITDA was $78,728,000 against $63,707,000 a year ago. Post-tax distributable earnings were $31 million or $0.10 per fully diluted share, compared with $38.6 million or $0.13.
For the nine months, the company reported total revenues of $906,829,000 against $882,659,000 a year ago. Income from operations before income taxes was $264,611,000 against $26,974,000 a year ago. Net income available to common stockholders was $66,790,000 against $9,696,000 a year ago. Fully diluted earnings per share were $0.35 against $0.07 a year ago.
For the fourth quarter of 2013, the company expects to generate distributable earnings revenues of between approximately $400 million and $425 million compared with $436.3 million. The company expects pre-tax distributable earnings to be between approximately $36 million and $44 million versus $35.1 million. The company anticipates its effective tax rate for distributable earnings to remain unchanged at 14.5%.
BGC Partners Looking For Acquisitions
Oct 31 13
BGC Partners, Inc. (NasdaqGS:BGCP) is seeking acquisitions. Howard Lutnick, Chairman and Chief Executive Officer of BGC Partners, said, "With our $827 million cash position and expected $500 million in NASDAQ OMX stock, we are a cash and asset rich company. There are numerous ways we can deploy our capital to grow our business through accretive acquisitions and profitable hiring." Shaun Lynn, President of BGC Partners, said, "We feel as bullish on the marketplace as we always have done. Of course it's gone through a difficult time for everybody with the new rules coming in, with Basel 3 taking effect, and the pullback from some of the major banks. But we think that's amazing opportunities for us going forward regards to acquisitions, with regards to the way the markets are changing, which is going to play out really well for us."
BGC Partners, Inc. Declares Quarterly Cash Dividend on Class A and Class B Common Stockholders, Payable on December 2, 2013
Oct 31 13
BGC Partners, Inc. announced its board of directors declared a quarterly cash dividend of $0.12 per share payable on December 2, 2013 to Class A and Class B common stockholders of record as of November 18, 2013. The ex-dividend date will be November 14, 2013.