BGC Group, Inc. (NASDAQ:BGC) today announced its financial results for the quarter ended June 30, 2024.
BGC’s revenue increased 11.7% to $550.8 million, representing record second-quarter revenue and reflecting broad-based growth across all geographies.
BGC generated strong double-digit revenue growth across its three largest businesses, rates, ECS (Energy, Commodities and Shipping) and FX. FX revenue improved 14.7 percent to $88.9 million, driven by emerging market products and G10 options volume.
Fenics Markets generated revenue of $115.1 million in the second quarter, an increase of 7.5%. This growth was driven by strong electronic forex, credit and interest volumes, along with higher Fenics Market Data revenues. BGC’s rapidly growing ECS business is expected to provide future electronic growth opportunities for our Fenics Markets business.
Revenue in EMEA, Americas and APAC increased by 14.4%, 9.5% and 7.9% respectively.
Profitability increased across all earnings metrics during the quarter. Adjusted Earnings before taxes increased 19.2 percent to $125.8 million — a margin of 22.8 percent — the fifteenth consecutive year-over-year margin expansion. Adjusted earnings after taxes rose 14.7 percent to $114.7 million, and adjusted earnings per share improved 15.0 percent to $0.23 per share. Adjusted EBITDA increased 20.2% to $162.4 million for the second quarter.
On July 29, 2024, the BGC Board of Directors declared a quarterly cash dividend of $0.02 per share payable on September 3, 2024 to Class A and Class B common stockholders on August 19, 2024, which is the same date as the ex-dividend date.