GFI Group Earnings: Here’s Why the Stock is Rising Now
GFI Group Inc. (NYSE:GFIG) 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 0.53%.
GFI Group Inc. Earnings Cheat Sheet
Results: Adjusted Earnings Per Share decreased 14.29% to $0.06 in the quarter versus EPS of $0.07 in the year-earlier quarter.
Revenue: Decreased 6.58% to $244.39 million from the year-earlier quarter.
Actual vs. Wall St. Expectations: GFI Group Inc. reported adjusted EPS income of $0.06 per share. By that measure, the company missed the mean analyst estimate of $0.06. It beat the average revenue estimate of $243.18 million.
Quoting Management: Colin Heffron, Chief Executive Officer of GFI, commented: “We made further tangible progress in reducing GFI’s cost structure across the board in the first quarter with a lower compensation ratio despite declining industry-wide trading volumes. Non-GAAP net revenues and brokerage revenues were down 11.8% and 14.7%, respectively, while GFI’s software, analytics and market data revenues grew 10.8% largely due to continued growth at Trayport. At the same time, GFI’s proprietary trading platforms saw increased electronic matching volume in a variety of products and regions.”
Key Stats (on next page)…