BGC Partners Q1 Revenue Down - Quick Facts

(RTTNews) - Brokerage company BGC Partners, Inc. (BGCP) Thursday reported a drop in revenue for the first quarter.

First-quarter net earnings declined to $11.56 million from $13.55 million a year ago. Earnings per share were $0.04, flat with last year. Fully diluted weighted-average shares of common stock outstanding were 322,074, compared with 317,823 a year ago.

Adjusted earnings per share were $0.15, compared with $0.12 last year. On average, 4 analysts polled by Thomson-Reuters estimated the company' earnings to be $0.13 for the quarter. Analysts' estimates typically exclude one-time items.

For the three months to March, adjusted EBITDA declined to $74.6 million from $59.7 million a year earlier.

Revenues for the 3-month period decreased to $440.3 million from $445 million in the same period last year. Analysts expected revenues of $436 million.

Separately, the company said it has agreed to acquire Mexican broker brokerage company Remate Lince in a bid to expand presence in Latin America. The financial details of the transaction were not disclosed.

On April 30, the board recommended a quarterly cash dividend of $0.12 per share payable on June 2 to Class A and Class B common stockholders of record as of May 16.