BGC Partners (BGCP) Tops Q2 EPS by 2c

BGC Partners (NASDAQ: BGCP) reported Q2 EPS of $0.30, $0.02 better than the analyst estimate of $0.28. Revenue for the quarter came in at $960 million versus the consensus estimate of $937.05 million.

GUIDANCE:

BGC Partners sees Q3 2018 revenue of $920-970 million, versus the consensus of $946.1 million.

• BGC expects consolidated pre-tax Adjusted Earnings before noncontrolling interest in subsidiaries and taxes to be in the range of $250 million and $270 million, or 12 percent to 21 percent higher versus $223.9 million in the prior-year period.
• BGC anticipates its consolidated Adjusted Earnings tax rate to be in the range of approximately 11 percent and 12 percent for the third quarter of 2018, compared with 16.2 percent for the third quarter of 2017.
• For the full year 2018, the Company expects post-spin BGC revenues to increase by between 7 and 10 percent year-on-year and pre-tax Adjusted Earnings to grow by between 20 and 28 percent.
• For the full year 2018, Newmark expects its revenues to increase by 19 to 28 percent and its Adjusted Earnings per share to grow by 22 to 39 percent.

For earnings history and earnings-related data on BGC Partners (BGCP) click here.

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