BGC Group (NASDAQ:BGC), a prominent brokerage company, today announced its financial performance for the first quarter ended March 31, 2024.
During the first quarter, the company reported revenues of $578.6 million, marking an 8.6% increase from the $532.9 million recorded in the same period last year.
BGC's earnings also saw significant improvements, with GAAP income from operations before income taxes nearly doubling to $71.1 million, up 114% from $33.2 million in Q1 2023.
Additionally, GAAP net income for fully diluted shares rose to $46.4 million, up from $24.2 million, reflecting a 92.2% increase.
Adjusted earnings before noncontrolling interest in subsidiaries and taxes were up 8.6%, reaching $135.4 million, while post-tax adjusted earnings grew by 6.6% to $123.2 million.
Meanwhile, adjusted EBITDA increased by 37.9% to $208.4 million.
Alongside financial growth, BGC completed a landmark transaction with the formation of FMX, investing $172 million at a post-money equity valuation of $667 million.
This strategic move, supported by ten major financial institutions, underscores BGC's enhanced capabilities and vision to reshape the U.S. interest rate markets.