BGC Partners Updates Q3 Outlook - Quick Facts

(RTTNews) - BGC Partners, Inc. (BGCP) announced the company now expects its third quarter revenues for distributable earnings and its pre-tax distributable earnings to be around the mid-point of the range of its previously stated guidance. BGC said the updated outlook reflects the addition of GFI Group and strong double-digit year-on-year growth for the company's Real Estate Services business.

BGC Partners noted that approximately 33 percent of GFI's post-tax distributable earnings are expected to be attributable to noncontrolling interest in subsidiaries, while the remaining approximately 67 percent are expected to be attributable to the BGC Partners' fully diluted shareholders.

BGC's previously published third quarter guidance was: distributable earnings revenues to increase by between approximately 51 percent and 61 percent and to be between $680 million to $725 million, compared with $449.8 million, last year; and pre-tax distributable earnings to increase by between approximately 22 percent and 44 percent and to be in the range of $80 million to $95 million, compared with $65.8 million, last year.