By BGC Group Inc.’s stock (BGC, -1.17%) experienced a 2.7% surge in premarket trading on Friday following the company’s announcement of a strong performance during the fourth quarter.
Exceeding Revenue Expectations
According to BGC, their business has surpassed expectations, with anticipated revenues around the high-end of the guidance provided on October 30. The company expects to generate revenue within the range of $450 million to $500 million, compared to the FactSet consensus estimate of $475 million.
Impressive Earnings Forecast
Not only has BGC exceeded revenue expectations, but it also anticipates pre-tax adjusted earnings to be at the high end of the projected range of $88 million to $108 million. This surpasses the FactSet consensus estimate of $98 million.
Delay in Approval from the Commodity Futures Trading Commission
BGC Group initially anticipated approval from the Commodity Futures Trading Commission (CFTC) for its FTX cash and futures trading platform during the fourth quarter. However, they now expect this approval to be granted in “early 2024”.
The company also intends to unveil its strategic partners for FTX during this same period.
Acknowledging Progress with FMX
Howard W. Lutnick, BGC Group’s chief executive and chairman, expressed satisfaction with the progress made through FMX on various fronts during the quarter.
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