BGC Partners Q4 Earnings Top Estimates

(RTTNews) - BGC Partners, Inc. (BGCP), a global brokerage company servicing the financial and real estate markets, Wednesday reported a plunge in earnings for the fourth quarter, hurt by a decrease in revenue. However, adjusted earnings topped estimates.

The company also declared a quarterly cash dividend of $0.12 per share, payable to shareholders by March 13, on record February 27.

Earnings available to common stockholders fell to $4.13 million, or $0.02 per share, from $14.17 million, or $0.09 per share, a year earlier.

Adjusted earnings increased to $40.25 million, or $0.13 per share, from $28.36 million, or $0.10 per share, a year earlier. On average, four analysts polled by Thomson Reuters estimated the company's earnings to be $0.11 for the quarter. Analysts' estimates typically exclude one-time items.

Revenues for the 3-month period decreased to $426.6 million from $482.18 million a year earlier. Analysts had expected the company to report revenues of $421.88 million.

For the first quarter, the company expects revenues in the range of $410 million to $440 million and pre-tax adjusted earnings of $41 million to $52 million.