BGC Partners Updates Q4 Outlook

(RTTNews) - BGC Partners Inc. (BGCP) announced that it has updated its outlook for the fourth-quarter ending December 31, 2015. The results will include the consolidation of those for BGC's majority-owned division, GFI Group Inc. (GFIG) , a leading intermediary and provider of trading technologies and support services to the global OTC and listed markets.

BGC expects its quarterly revenues for distributable earnings to be above the low-end of the range of its previously stated guidance and for its pre-tax distributable earnings to be towards the mid-point. The updated outlook reflects the addition of GFI and strong double-digit year-on-year growth for the Company's Real Estate Services business. BGC's previous outlook had assumed a full quarter of revenues and profits from Trayport, which was sold on December 11, 2015.

The Company expects to pay a net tax rate of 10 percent or less with respect to the Trayport transaction, compared with the previous estimate of 15 percent or less. The one-time gain will be reflected in BGC's consolidated results under U.S. generally accepted accounting principles, but will be excluded from the Company's results for distributable earnings.

With respect to BGC's consolidated quarterly results, approximately 33 percent of GFI's post-tax distributable earnings are expected to be attributable to non-controlling interest in subsidiaries, while the remaining approximately 67 percent are expected to be attributable to BGC's fully diluted shareholders.