BGC Partners updates outlook for Q3 2013
BGC Partners, a brokerage company primarily servicing the wholesale financial and real estate markets, has updated its outlook for the quarter ending 30 September 2013.
The company expects its financial results for the third quarter of 2013 to be towards the low-end of the range of its previously stated guidance for revenues and earnings.
The company's third quarter outlook was first published in its financial results on 1 August and was as follows:
• The company expected to generate distributable earnings revenues of between approximately USD410m and USD440m compared with USD445.7m.
• BGC Partners expected pre-tax distributable earnings to be between approximately USD36m and USD46m versus USD46.7m.
• BGC Partners anticipated its effective tax rate for distributable earnings to be approximately 15 per cent compared with 14.5 per cent.
The payments associated with BGC's receipt of Nasdaq OMX stock are expected to be included in the company's calculation of distributable earnings. To make comparisons more meaningful, 25 per cent of the annual contingent earn-out amount is expected to be included in the company's calculation of distributable earnings for each quarter as "other revenues".