BGC Partners Earnings: Here’s Why Investors are Buying Shares Now
BGC Partners, Inc. (NASDAQ:BGCP) delivered a profit and met Wall Street’s expectations, AND beat the revenue expectation. The revenue beat is a positive sign to shareholders seeking high growth out of the company. Shares are up 1.6%.
BGC Partners, Inc. Earnings Cheat Sheet
Results: Adjusted Earnings Per Share decreased 36.84% to $0.12 in the quarter versus EPS of $0.19 in the year-earlier quarter.
Revenue: Rose 13.88% to $449.8 million from the year-earlier quarter.
Actual vs. Wall St. Expectations: BGC Partners, Inc. reported adjusted EPS income of $0.12 per share. By that measure, the company met the mean analyst estimate of $0.12. It beat the average revenue estimate of $447.49 million.
Quoting Management: Shaun D. Lynn, President of BGC, said: “Newmark Grubb Knight Frank’s quarterly revenues and pre-tax earnings grew substantially year-on-year. Because of the combination of strong industry dynamics in commercial real estate and our proven ability to grow and build brokerage businesses, we believe that our Real Estate Services segment will deliver substantial earnings growth for the foreseeable future. We believe that NGKF is an extremely valuable asset and that the market will eventually recognize its value. Our diversification into Real Estate Services reduced the impact of the industry-wide declines in activity during the quarter across many financial products.”
Key Stats (on next page)…