WASHINGTON (dpa-AFX) - BGC Partners, Inc. (BGCP) said its third quarter pre-tax adjusted earnings grew 15.7 percent with a 167 bp margin expansion. Post-tax adjusted earnings increased 21.7 percent.
Third-quarter adjusted profit per share was $0.14 compared to $0.11, prior year. Analysts polled by Thomson Reuters expected the company to report profit per share of $0.15, for the quarter. Analysts' estimates typically exclude special items.
Net loss to shareholders was $11.4 million or $0.03 per share compared to profit of $8.85 million or $0.02 per share.
Revenue increased to $473.75 million from $455.04 million, a year ago. Analysts on average had estimated $490.35 million in revenue.
For the first 21 trading days of the fourth quarter of 2021, revenues, excluding Insurance Brokerage, were approximately 9 percent higher, from the same period in 2020. For the fourth quarter, the company estimates: revenues of $445 million - $495 million; and pre-tax adjusted earnings of $80 million - $100 million.
On November 2, 2021, BGC Partners' Board declared a quarterly qualified cash dividend of $0.01 per share payable on December 7, 2021 to class A and class B common stockholders of record as of November 23, 2021.
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