BGC Partners (BGCP) Sees Q3 Results Above High End of Stated Range

BGC BGC Partners (NASDAQ: BGCP) today announced that it has updated its outlook for the quarter ending September 30, 2014.

The Company expects its financial results for the third quarter of 2014 to be above the high end of the range of its previously stated guidance for revenues and earnings. BGC's third quarter outlook was originally published in a press release dated July 31, 2014 as follows:

Third Quarter 2014 Outlook Compared with Third Quarter 2013 Results

• The Company expected distributable earnings revenues to be between approximately $410 million and $435 million, compared with $414.4 million.
• BGC Partners anticipated pre-tax distributable earnings to increase by between approximately 39 percent and 60 percent and to be in the range of $52 million to $60 million, versus $37.4 million.
• The Company expected its effective tax rate for distributable earnings to be approximately 15 percent, compared with 14.5 percent.[1]

This guidance assumed that the Cornish & Carey acquisition closed "in the middle of August, 2014". The actual closing was announced on August 14, 2014.

BGC plans to issue an advisory press release by 8:00 a.m. ET on Thursday, October 30, 2014. This advisory release will notify the public that a full-text financial results press release will be accessible at any of the following pages:

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