BGC Partners, Inc. Announces Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended June 30, 2015; Provides Earnings Guidance for the Third Quarter of 2015; Announces Impairment of Fixed Assets
Jul 29 15
BGC Partners, Inc. announced unaudited consolidated earnings results for the second quarter and six months ended June 30, 2015. For the quarter, the company reported revenues of totaled $669.1 million, up 60.4% year-over-year. Revenues for distributable earnings rose to $684.6 million from $430.3 million. GAAP net income rose to $13.3 million or $0.04 diluted per share from $11.1 million or $0.03 diluted per share in the year-ago period. Distributable EPS was $0.18, up from $0.13 a year earlier. Adjusted EBITDA increased by over 70% year-on-year to $109 million during the second quarter. Pretax earnings before non-controlling interest in subsidies and taxes were $77.5 million, up 46.3% when compared with $53 million. Book value per common share was $1.83. Income from operations before income taxes was $17,289,000 against $14,915,000 a year ago. Consolidated net income was $15,017,000 against $11,315,000 a year ago. Net income available to common stockholders was $9,347,000 against $7,601,000 a year ago. Adjusted GAAP revenue was $672,189,000 against $417,581,000 a year ago. Distributable earnings revenue was $684,591,000 against $430,311,000 a year ago. Pre-tax distributable earnings per share were $0.21 against $0.16 a year ago.
For the six months, the company reported total revenues of $1,216,698,000 against $861,991,000 a year ago. Income from operations before income taxes was $53,559,000 against $26,161,000 a year ago. Net income available to common stockholders was $23,402,000 against $15,609,000 a year ago. Fully diluted earnings per share were $0.10 against $0.07 a year ago.
The company provided earnings guidance for the third quarter of 2015. For the quarter, the company expects distributable earnings revenues of $680 million to $725 million, up between 51% and 61% from $449.8 million reported in third quarter of 2014. The company said the recent strengthening of the U.S. dollar has negatively affected its third quarter sales outlook by $22 million. The company anticipates generating pretax earnings of between $80 million and $95 million, which is an increase of between 22% and 44% when it's compared to $65.8 million last year. The company continues to expect, to have an effective tax rate to remain around 15%.
For the second quarter, the company announced impairment of fixed assets of $13,195,000 against $474,000 a year ago.
Bgc Partners, Inc. Declares Dividend for the Second Quarter of 2015
Jul 29 15
The board of BGC Partners, Inc. declared $0.14 qualified dividend for the second quarter of 2015, which represents an increase of 16.7% compared to last year.
BGC Partners, Inc. to Report Q2, 2015 Results on Jul 29, 2015
Jul 7 15
BGC Partners, Inc. announced that they will report Q2, 2015 results at 10:00 AM, US Eastern Standard Time on Jul 29, 2015