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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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by RTT Staff Writer

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After reporting a bigger than expected increase in new orders for U.S. manufactured durable goods in the previous month, the Commerce Department released a report on Thursday that once again showed stronger than expected durable goods orders growth in the month of March. The report said durable goods orders surged up by 2.6 percent in March after jumping by a revised 2.1 percent in February. First-time claims for U.S. unemployment benefits rose by more than expected in the week ended April 19th, according to a report released by the Labor Department on Thursday, with initial jobless claims climbing further off their recent lows. The report said initial jobless claims rose to 329,000, an increase of 24,000 from the previous week's revised figure of 305,000. After giving back some ground in the previous session, stocks are likely to move back to the upside in early trading on Thursday. The major index futures are currently pointing to a higher open for the markets, with the Dow futures up by 40 points.
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