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BGC Partners Now Sees Q4 Earnings, Revenues At Low End Of Prior Guidance

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12/19/2011 6:19 AM ET

BGC Partners Inc. (BGCP: Quote) Monday said it now expects fourth-quarter distributable earnings and revenues at the low end of the guidance issued on October 27, 2011, which saw post-tax distributable earnings in the range of $41 million to $46 million, while pre-tax distributable earnings are anticipated between $48 million and $54 million. The company also noted that fully-diluted share count was 288.6 million, as of September 30, 2011.

Distributable earnings revenues, as per the prior guidance, were expected between $350 million and $380 million, with a contribution of $35 million to $45 million from recently acquired Newmark Knight Frank. Consensus of analysts' estimates currently sees fourth-quarter earnings of $0.16 per share on revenues of $370.45 million.

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There was a mixed performance on Wall Street on Friday. Shares suffered an early decline, as investors continued to express worries about the Federal Reserve. A recovery through the rest of the day allowed the Dow to edge into positive territory by the close. The Nasdaq and S&P 500 posted fractional losses. Stocks have shown a notable move to the downside in early trading on Friday amid lingering concerns about the outlook for the Federal Reserve's asset purchase program. The major averages have slid firmly into negative territory, adding to the modest losses posted in the previous session. The major averages are currently posting notable losses, near their lows for the young session. After reporting a sharp drop in new orders for manufactured durable goods in the previous month, the Commerce Department released a report on Friday showing that durable goods orders rebounded by more than anticipated in the month of April. The report said durable goods orders surged up by 3.3 percent in April after tumbling by a revised 5.9 percent in March.
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