BGC Group, Inc. (NASDAQ:BGC) today reported its financial results for the quarter ended June 30, 2024.
BGC’s revenues grew by 11.7 percent to $550.8 million, representing record second quarter revenues 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 Foreign Exchange. Foreign Exchange revenues improved by 14.7 percent to $88.9 million, driven by emerging markets products and G10 options volumes.
Fenics Markets produced revenue of $115.1 million in the second quarter, an increase of 7.5 percent. This growth was driven by strong electronic Foreign Exchange, Credit and Rates 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.
Revenues across EMEA, Americas, and APAC grew by 14.4 percent, 9.5 percent, and 7.9 percent, respectively.
Profitability increased across all earnings metrics during the quarter. Pre-tax Adjusted Earnings grew by 19.2 percent to $125.8 million — a margin of 22.8 percent — its fifteenth consecutive quarter of year-over-year margin expansion. Post-tax Adjusted Earnings increased by 14.7 percent to $114.7 million and post-tax Adjusted Earnings per share improved by 15.0 percent to $0.23 per share. Adjusted EBITDA grew by 20.2 percent to $162.4 million for the second quarter.
On July 29, 2024, BGC’s Board of Directors declared a quarterly qualified cash dividend of $0.02 per share payable on September 3, 2024 to Class A and Class B common stockholders of record as of August 19, 2024, which is the same date as the ex-dividend date.
