BGC Partners (BGCP) Sees Q4 Distributable Earnings at Low-End of Prior Outlook

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BGC Partners, Inc. (Nasdaq: BGCP) has updated its financial outlook for the quarter ending December 31, 2011.

The Company's financial results are expected to be around the low end of its previously stated guidance for revenues and distributable earnings. These were first published in the Company's financial results press release dated October 27, 2011, and were as follows:

Distributable earnings revenues were expected to be between approximately $350 million and $380 million, an increase of approximately 9 to 18 percent compared with $322.5 million a year earlier. This included approximately $35 to $45 million expected to be recorded by Newmark Knight Frank.
Pre-tax distributable earnings were expected to be between approximately $48 million and $54 million, an increase of approximately 6 to 19 percent compared with $45.4 million in the fourth quarter of 2010.
The Company anticipated its effective tax rate for distributable earnings to be approximately 15 percent versus 10.9 percent a year earlier.
BGC expected post-tax distributable earnings to be between approximately $41 million and $46 million, an increase of approximately 3 to 16 percent compared with $39.8 million in the fourth quarter of 2010.

In addition, the Company expects its dividend to common stockholders to remain $0.17 for distributable earnings generated in the fourth quarter of 2011. Based on the closing stock price of $5.62 on December 16, 2011, the stock's annualized dividend yield is currently 12.1 percent.

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