BGC Group says business ‘performed strongly’ in Q4 as stock rises

BGC Group Inc.’s stock
BGC,
+2.03%
rose 2.7% in premarket trading on Friday after the financial technology company said its business “performed strongly” during the fourth quarter. BGC said it now expects to be “around the high-end” of its Oct. 30 guidance for revenue of $450 million to $500 million, compared to the FactSet consensus estimate of $475 million. BGC also expects to be around the high end of its guidance for pre-tax adjusted earnings of $88 million to $108 million, against the FactSet consensus estimate of $98 million. BGC Group had expected approval from the Commodity Futures Trading Commission in the fourth quarter for its FMX cash and futures trading platform, but it now sees that coming in “early 2024.” The company said it will also announce its strategic partners for FMX in early 2024. “We’ve made significant progress with FMX on multiple fronts during the quarter,” said Howard W. Lutnick, chief executive and chairman of BGC Group.