The company's financial results reveal an increase of 16% in Q3 revenue.
In the third quarter, net profit experienced a boost, but it significantly shrank year-to-date.
BGC Group has
reported a significant surge in revenue, driven by strong performance across
all asset classes for the third quarter of 2023. The brokerage and financial
technology provider reported an upturn in most major indicators on a
quarterly basis, but for the first nine months of the year, it recorded a
substantial contraction in net profit compared to 2022.
BGC Group Reports Robust
Q3 2023 Financial Performance
BGC's
revenue for the third quarter rose 15.9% to $482.7 million. This growth was
not confined to a single region; the Americas and EMEA saw revenue escalations of
19.0% and 16.9%, respectively, while Asia Pacific revenues rose 5.9%. Rates
and Credit revenues improved 12.1% and 9.6%, respectively, while FX revenues
were 8.6% higher. Energy and Commodities revenues grew 35.0%.
The
company's pre-tax adjusted earnings grew 23.1% to $101.9 million, with
margins improving 125 basis points to 21.1%. This marks the twelfth
consecutive quarter of year-over-year (YoY) margin expansion. Post-tax adjusted
earnings rose 21.4% to $94.1 million, or $0.19 per share, an improvement of 18.8%. Adjusted EBITDA also saw a significant rise, improving 27.0% YoY
to $135.9 million.
“We had
another outstanding quarter, generating revenue growth of 16 percent,
reflecting increased volumes across all of our asset classes,” Howard W.
Lutnick, the Chairman and CEO of BGC Group, commented. “BGC is extraordinarily
well positioned to benefit from the return of interest rates, which we expect
to drive our trading volumes, revenue and profitability higher for the
foreseeable future.”
Fenics,
BGC's electronic trading platform, also experienced robust growth. It saw an uptick of 19% in revenue, led by a record quarter for Fenics Growth Platforms,
which grew by over 45%. Fenics UST, the company's electronic US Treasury
platform, reached a record 25% market share of the volume traded on US Treasury
exchange marketplaces during the year.
HigherYear-to-DateCostsImpactedNetProfit
Upon
examining BGC's report, we notice that revenues grew for the first nine
months of 2023, and along with them, total expenses significantly increased as
well. As a result, the company's net profit from January to the end of
September stood at $17.5 million, compared to $55.26 million reported in the
same period the previous year. The reason could be, among other things, the second quarter, in which despite the boost in revenue, the company did not achieve profitability.
For the
fourth quarter of 2023, BGC anticipates revenues to be between $450 and $500
million and pre-tax adjusted earnings to range from $88 to $108 million.
Additionally, a quarterly cash dividend of $0.01 per share has been declared,
payable on 1 December 2023.
In July, the company revealed that it has successfully transitioned to a full C-Corporation. Following this change, the company has rebranded itself as BGC Group, Inc. and has modified its Nasdaq ticker symbol from BGCP'to BGC.
BGC Group has
reported a significant surge in revenue, driven by strong performance across
all asset classes for the third quarter of 2023. The brokerage and financial
technology provider reported an upturn in most major indicators on a
quarterly basis, but for the first nine months of the year, it recorded a
substantial contraction in net profit compared to 2022.
BGC Group Reports Robust
Q3 2023 Financial Performance
BGC's
revenue for the third quarter rose 15.9% to $482.7 million. This growth was
not confined to a single region; the Americas and EMEA saw revenue escalations of
19.0% and 16.9%, respectively, while Asia Pacific revenues rose 5.9%. Rates
and Credit revenues improved 12.1% and 9.6%, respectively, while FX revenues
were 8.6% higher. Energy and Commodities revenues grew 35.0%.
The
company's pre-tax adjusted earnings grew 23.1% to $101.9 million, with
margins improving 125 basis points to 21.1%. This marks the twelfth
consecutive quarter of year-over-year (YoY) margin expansion. Post-tax adjusted
earnings rose 21.4% to $94.1 million, or $0.19 per share, an improvement of 18.8%. Adjusted EBITDA also saw a significant rise, improving 27.0% YoY
to $135.9 million.
“We had
another outstanding quarter, generating revenue growth of 16 percent,
reflecting increased volumes across all of our asset classes,” Howard W.
Lutnick, the Chairman and CEO of BGC Group, commented. “BGC is extraordinarily
well positioned to benefit from the return of interest rates, which we expect
to drive our trading volumes, revenue and profitability higher for the
foreseeable future.”
Fenics,
BGC's electronic trading platform, also experienced robust growth. It saw an uptick of 19% in revenue, led by a record quarter for Fenics Growth Platforms,
which grew by over 45%. Fenics UST, the company's electronic US Treasury
platform, reached a record 25% market share of the volume traded on US Treasury
exchange marketplaces during the year.
HigherYear-to-DateCostsImpactedNetProfit
Upon
examining BGC's report, we notice that revenues grew for the first nine
months of 2023, and along with them, total expenses significantly increased as
well. As a result, the company's net profit from January to the end of
September stood at $17.5 million, compared to $55.26 million reported in the
same period the previous year. The reason could be, among other things, the second quarter, in which despite the boost in revenue, the company did not achieve profitability.
For the
fourth quarter of 2023, BGC anticipates revenues to be between $450 and $500
million and pre-tax adjusted earnings to range from $88 to $108 million.
Additionally, a quarterly cash dividend of $0.01 per share has been declared,
payable on 1 December 2023.
In July, the company revealed that it has successfully transitioned to a full C-Corporation. Following this change, the company has rebranded itself as BGC Group, Inc. and has modified its Nasdaq ticker symbol from BGCP'to BGC.
Damian's adventure with financial markets began at the Cracow University of Economics, where he obtained his MA in finance and accounting. Starting from the retail trader perspective, he collaborated with brokerage houses and financial portals in Poland as an independent editor and content manager. His adventure with Finance Magnates began in 2016, where he is working as a business intelligence analyst.
FX Volatility Impacts Q1 Revenue of Compagnie Financière Tradition
Network, Learn, Grow | FMAS:24
Network, Learn, Grow | FMAS:24
Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/showcase/financemagnates-events/
👍 Facebook: https://www.facebook.com/FinanceMagnatesEvents
📸 Instagram: https://www.instagram.com/fmevents_official
🐦 Twitter: https://twitter.com/F_M_events
🎥 TikTok: https://www.tiktok.com/@fmevents_official
▶️ YouTube: https://www.youtube.com/@FinanceMagnates_official
Don't miss out on our latest videos, interviews, and event coverage. Subscribe to our YouTube channel for more!
Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/showcase/financemagnates-events/
👍 Facebook: https://www.facebook.com/FinanceMagnatesEvents
📸 Instagram: https://www.instagram.com/fmevents_official
🐦 Twitter: https://twitter.com/F_M_events
🎥 TikTok: https://www.tiktok.com/@fmevents_official
▶️ YouTube: https://www.youtube.com/@FinanceMagnates_official
Don't miss out on our latest videos, interviews, and event coverage. Subscribe to our YouTube channel for more!
Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/showcase/financemagnates-events/
👍 Facebook: https://www.facebook.com/FinanceMagnatesEvents
📸 Instagram: https://www.instagram.com/fmevents_official
🐦 Twitter: https://twitter.com/F_M_events
🎥 TikTok: https://www.tiktok.com/@fmevents_official
▶️ YouTube: https://www.youtube.com/@FinanceMagnates_official
Don't miss out on our latest videos, interviews, and event coverage. Subscribe to our YouTube channel for more!
Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/showcase/financemagnates-events/
👍 Facebook: https://www.facebook.com/FinanceMagnatesEvents
📸 Instagram: https://www.instagram.com/fmevents_official
🐦 Twitter: https://twitter.com/F_M_events
🎥 TikTok: https://www.tiktok.com/@fmevents_official
▶️ YouTube: https://www.youtube.com/@FinanceMagnates_official
Don't miss out on our latest videos, interviews, and event coverage. Subscribe to our YouTube channel for more!
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
📣 Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/company/financemagnates/
👍 Facebook: https://www.facebook.com/financemagnates/
📸 Instagram: https://www.instagram.com/financemagnates_official
🐦 X (Twitter): https://twitter.com/financemagnates/
📡 RSS Feed: https://www.financemagnates.com/feed/
▶️ Telegram: https://t.me/financemagnatesnews
Don't miss out on our latest videos, interviews, and event coverage.
🔔 Subscribe to our YouTube channel for more!🔔
Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
📣 Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/company/financemagnates/
👍 Facebook: https://www.facebook.com/financemagnates/
📸 Instagram: https://www.instagram.com/financemagnates_official
🐦 X (Twitter): https://twitter.com/financemagnates/
📡 RSS Feed: https://www.financemagnates.com/feed/
▶️ Telegram: https://t.me/financemagnatesnews
Don't miss out on our latest videos, interviews, and event coverage.
🔔 Subscribe to our YouTube channel for more!🔔
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
📣 Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/company/financemagnates/
👍 Facebook: https://www.facebook.com/financemagnates/
📸 Instagram: https://www.instagram.com/financemagnates_official
🐦 X (Twitter): https://twitter.com/financemagnates/
📡 RSS Feed: https://www.financemagnates.com/feed/
▶️ Telegram: https://t.me/financemagnatesnews
Don't miss out on our latest videos, interviews, and event coverage.
🔔 Subscribe to our YouTube channel for more!🔔
Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
📣 Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/company/financemagnates/
👍 Facebook: https://www.facebook.com/financemagnates/
📸 Instagram: https://www.instagram.com/financemagnates_official
🐦 X (Twitter): https://twitter.com/financemagnates/
📡 RSS Feed: https://www.financemagnates.com/feed/
▶️ Telegram: https://t.me/financemagnatesnews
Don't miss out on our latest videos, interviews, and event coverage.
🔔 Subscribe to our YouTube channel for more!🔔