BGC Group, Inc. (NASDAQ:BGC), today announced that it has updated its outlook for the quarter ended March 31, 2024.
BGC reaffirmed its previous outlook ranges for revenue and adjusted earnings before taxes for the first quarter of 2024.
In the final quarter of 2023, BGC’s revenue rose 18.4% to $516.8 million and represented its highest-ever fourth-quarter revenue performance. This growth came from the Americas and EMEA which improved by 21.9 percent and 20.5 percent, respectively.
BGC generated strong double-digit growth across all earnings metrics during the quarter, with margins expanding across the business. Adjusted Earnings before taxes increased 27.3 percent to $110.8 million with margins improving 149 basis points to 21.4 percent, the thirteenth consecutive quarter of year-over-year margin growth. Adjusted earnings after taxes rose 29.2 percent to $101.3 million, or $0.21 per share, an improvement of 31.3 percent. Adjusted EBITDA improved 22.3% to $151.6 million for the fourth quarter.