BGC Partners, Inc. (NASDAQ:BGCP), the global brokerage company servicing the financial and real estate markets, today provided an update to its financial forecast for the third quarter of 2015, citing the addition of GFI and robust earnings at its real estate services unit.
BGC expects its quarterly 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’s original third quarter 2015 forecast was published along its Q2 2015 results on July 29, 2015, and was as follows:
- BGC forecasts distributable earnings revenues to increase by between approximately 51% and 61% and to be between $680 million to $725 million, compared with $449.8 million a year earlier.
- The company expects pre-tax distributable earnings to increase by between approximately 22% and 44% and to be in the range of $80 million to $95 million, versus $65.8 million in the third quarter of 2014.
- BGC anticipated its effective tax rate for distributable earnings to remain around 15%.
To view the official announcement from BGC, click here.