WASHINGTON (dpa-AFX) - Brokerage firm BGC Partners, Inc. (BGCP) said net income available to common shareholders for the first quarter was $8.2 million, compared to $8.7 million in the first quarter of last year.
Earnings per share for the quarter fell to $0.06 from $0.09 in the prior year quarter.
BGC Partners recorded post-tax distributable earnings, a non-GAAP measure, of $50.9 million or $0.19 per share for the first quarter, compared to $54.8 million or $0.22 per share for the year-ago quarter.
Revenue for the first quarter rose to $395.0 million from $365.0 million last year. Revenues for distributable earnings increased to $403.9 million from $365.5 million a year earlier. The increases were driven mainly by the addition of Real Estate and growth from Foreign Exchange brokerage.
Analysts polled by Thomson Reuters expected the company to earn $0.18 per share on revenue of $404.46 million for the first quarter. Analysts' estimates typically exclude special items.
Looking forward, the company expects to generate second quarter distributable earnings revenues of between $440 million and $470 million. Analysts currently expect the company to post revenue of $414.84 million for the second quarter.
On May 1, BGC Partners' Board of Directors declared a quarterly cash dividend of $0.17 per share payable on May 31 to Class A and Class B common stockholders of record as of May 17. The ex-dividend date will be May 15.
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