BGC Group, Inc. (NASDAQ:BGC), today announced that it has updated its outlook for the quarter ending March 31, 2024.
BGC reaffirmed its previously stated outlook ranges for revenue and pre-tax Adjusted Earnings for the first quarter of 2024.
In the final quarter of 2023, BGC’s revenue grew by 18.4% to $516.8 million and represented its highest ever fourth quarter revenue performance. This growth was driven by 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. Pre-tax Adjusted Earnings grew by 27.3 percent to $110.8 million with margins improving by 149 basis points to 21.4 percent, the thirteenth consecutive quarter of year-over-year margin expansion. Post-tax Adjusted Earnings increased by 29.2 percent to $101.3 million, or $0.21 per share, a 31.3 percent improvement. Adjusted EBITDA improved by 22.3 percent to $151.6 million for the fourth quarter.
