BGC Partners, Inc. (NASDAQ:BGCP) Reports 30% Increase In Earnings In 4Q


Dallas, Texas 02/13/2014 (FINANCIALSTRENDS) – BGC Partners, Inc. (NASDAQ:BGCP) reported its 4Q and full year operations results on 12th February. The brokerage firm which has a global clientele also declared a quarterly dividend of 12 cents per share following the results announcement. Revenues for the quarter saw a mild dip  to $433 million as against $436 million reported in 4Q12. For the full year, revenue was flat. It went up by 1 percent to $1.75 billion for the full year 2013. This slow down in revenue was offset by net income, which ballooned up 42 percent for the quarter to $40.2 million. For the full year, the slow 2Q and 3Q took its toll, as its net income for the year dipped by 6 percent in comparison to FY12 earnings. Per share earnings for the quarter after tax was up 30 percent to 13 cents, while for the full year it recorded a loss of 15 cents per share.

Providing insights into the quarter and full year results, BGC Partners, Inc. (NASDAQ:BGCP) Chairman and Chief Executive Officer Howard W. Lutnick has been quoted to have said that, “BGC’s post-tax distributable earnings per share increased by 30 percent year-over-year in the fourth quarter.This impressive growth was driven by the strength of Newmark Grubb Knight Frank. Because our two segments essentially reverse each other’s seasonality, we are unique among our Real Estate and Financial Services peers in that we expect BGC to have strong fourth and first quarters”

BGC Partners, Inc. (NASDAQ:BGCP) also went on record to state that the revenue generated from its flag ship NGKF business  during 4Q was more than the revenue generated during the full year 2013, by its now sold business of eSpeed. On the back of such strong results, the stock posted a 5.93 percent increase in value during trading on 12th February, over its previous day close.