BGC Group, Inc. (NASDAQ:BGC) today reported its financial results for the fourth quarter and full year ended December 31, 2023.
BGC’s revenue grew by 18.4 percent 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.
Howard W. Lutnick, Chairman and CEO, commented:
“BGC had its best fourth quarter, with record revenues and Adjusted Earnings. Our revenues improved over 18 percent ending a strong year where we delivered accelerating year-over-year revenue growth each quarter.
We expect favorable macro trading conditions to continue throughout 2024. With our global breadth and scale, we will continue to capitalize on interest rate and energy market volatility, and higher fixed income issuance across both government and corporate bonds.
We are pleased with the CFTC’s recent unanimous approval for FMX to operate an exchange for U.S. interest rate futures products, the largest and most widely traded futures contracts in the world. We intend to launch the FMX Futures Exchange in the summer of 2024 and we plan to discuss our strategic partners and further details on, or before, our first quarter earnings call.”
On February 13, 2024, BGC’s Board of Directors declared a quarterly qualified cash dividend of $0.01 per share payable on March 19, 2024 to Class A and Class B common stockholders of record as of March 5, 2024. The ex-dividend date will be March 4, 2024.
