BGC reports record Q2 revenue and profits, showcasing significant growth and profitability across all business segments and regions.
BGC reports record Q2 revenue and profits, showcasing significant growth and profitability across all business segments and regions.
BGC Group reported its Q2 2024 revenue, achieving record revenues of $550.8 million, marking a standout performance. This marks an impressive 11.7% increase compared to last year, reflecting the company’s remarkable growth across key metrics and strong performance across all business segments and geographies.
Furthermore, the Foreign Exchange segment emerged as a significant contributor to BGC Group, Inc.’s success, with a 14.7% revenue increase to $88.9 million. Heightened activity in emerging markets and increased volumes in G10 options fueled this growth.
Another critical area, Fenics Markets, achieved $115.1 million in revenue, up 7.5% year-over-year, driven by strong electronic trading volumes in Foreign Exchange, Credit, and Rates, as well as a boost in revenues from Fenics Market Data. The rapidly expanding ECS (Energy, Commodities, and Shipping) segment will continue to drive growth for Fenics Markets.
Revenue growth was broad-based, with notable increases across all major regions. Furthermore, the EMEA (Europe, the Middle East, and Africa) region reported a 14.4% rise in revenues, the Americas saw a 9.5% increase, and the APAC (Asia-Pacific) region experienced a 7.9% growth.
Profitability metrics also showed strong improvement. Pre-tax Adjusted Earnings grew by 19.2% to $125.8 million, representing a margin of 22.8%. Moreover, this marks the fifteenth consecutive quarter of year-over-year margin expansion. Post-tax Adjusted Earnings rose by 14.7% to $114.7 million, while Adjusted Earnings per Share increased by 15.0% to $0.23. Adjusted EBITDA for the quarter was up 20.2% to $162.4 million.
In conjunction with the strong financial performance, BGC’s Board of Directors has declared a quarterly cash dividend of $0.02 per share. This dividend will be payable on September 3, 2024, to Class A and Class B common stockholders of record as of August 19, 2024, the ex-dividend date.
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