BGC Group Q3 revenue rises 13%, adjusted EPS up 17%

Bgc

Today 13:33

Overview
Global financial technology firm's Q3 revenue rose 13% yr/yr
Adjusted EPS for Q3 rose 17.2% yr/yr
Company declared quarterly dividend of 2 cents

Outlook
BGC expects Q4 revenue of $805-$865 mln
Company guides Q4 pre-tax adjusted earnings of $178-$196 mln

Result Drivers
BROKERAGE VOLUME GROWTH – ECS revenue rose on shipping, environmental and crude oil activity, while Rates and FX benefited from higher trading volumes
CLIENT-ACTIVITY COSTS – Higher commissionable revenue and product mix lifted compensation, while selling, promotion and brokerage costs rose with client activity
FMX AND FENICS EXPANSION – Fenics Growth Platforms rose 39.8%, driven by FMX, PortfolioMatch and Lucera

Company press release: ID:nBw4qcp4Ba

Key Details
Metric
Beat/Miss
Actual
Consensus Estimate
Q3 Revenue
Slight Beat*
$832.60 mln
$824.83 mln (2 Analysts)
Q3 Adjusted EPS
Meet
$0.34
$0.34 (2 Analysts)
Q3 Adjusted EBITDA
 
$249.50 mln
 
*Applies to a deviation of less than 1%; not applicable for per-share numbers.

Analyst Coverage
The current average analyst rating on the shares is "strong buy" and the breakdown of recommendations is 2 "strong buy" or "buy", no "hold" and no "sell" or "strong sell"
The average consensus recommendation for the investment banking & brokerage services peer group is "buy."
Wall Street's median 12-month price target for Bgc Group Inc is $16.00, about 42% above its November 4 closing price of $11.27
The stock recently traded at 7 times the next 12-month earnings vs. a P/E of 8 three months ago

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For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.

(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)