BGC Partners up sharply post-earnings

“As a result of our cash position of $795M, we are in an excellent position to continue growing our profits by making additional accretive acquisitions and profitable hires in both segments," says BGC Partners (BGCP +5.7%) CEO Howard Lutnick as the firm cruises past earnings estimates. "We are also able to repay debt, repurchase more common shares and units, and maintain our regular common dividend for the foreseeable future."

Share count rose to 358M in Q4 vs. 337.2M a year earlier as issuance for the Frederick Ross, Ginalfi, Smith Mack, Newmark, and Grubb Ellis acquisitions outweighed the repurchase of 6M shares last year.

Newmark Grubb Knight Frank generated more in pre-tax earnings in Q4 than eSpeed produced in revenues in the year-earlier period, remarks Lutnick.

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