Seeking Alpha

Profit-taking in BGC Partners following earnings

  • BGC Partners (BGCP -5.4%) post-tax distributable earnings of $0.13 is about inline with consensus and off 23.5% from a year ago. Revenue of $471.1M is up 1.3% Y/Y.
  • 77.4M shares repurchased at end of Q2; 45.2M will be issued to partners.
  • Company anticipates still having about $459M cash remaining from eSpeed sale - will be used to repay debt, make acquisitions, invest in organic growth, or repurchase additional shares.
  • Q3 revenue outlook of $410M-$440M vs. $445.7M in Q3 2012. Pre-tax earnings of $36M-$46M vs. $46.7M in Q3 2012.
  • Earlier: Earnings report. (PR)
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