BGC Partners Reports Third Quarter 2020 Financial Results

International brokerage and fintech company BGC Partners, Inc. (NASDAQ:BGCP) has published its financials for the third quarter of 2020, ending on September 30, reporting a 12.7 percent year-on-year revenue decrease.

Highlights of Consolidated Results

Specifically, revenues accounted to $455 million in the latest quarter. This is 12.7% decrease compared to the same period last year when it reached $521.1 million.

In terms of adjusted EBITDA, the number in Q3 was $101.2 million, increased 20.2% to $84.2 million registered in the equivalent period a year earlier.

The company also reported a 938.1% YoY increase in net income with $29.6 million in Q3, compared with a net loss of $3.5 million a year earlier.

Additionally, the post-tax adjusted earnings of the third quarter were $61.9 million, down by 19.9% from in comparison to Q3 2019 when it was$77.3 million. 

The post-tax adjusted earnings per share was $0.11 for the period, with a 26.7 percent decline year-on-year. 

​Howard W. Lutnick, Chairman and Chief Executive Officer of BGC, commented:" We’ve made excellent progress this quarter with respect to our investments in Fenics and insurance brokerage. Our Fenics brokerage revenues grew by double digits for the second consecutive quarter. Fenics UST and Fenics GO, two of our newer fully electronic offerings, reached record levels of market share, and our insurance brokerage group is positioned to turn profitable for the fourth quarter and for the full year 2021...We expect to match last year’s fourth quarter Adjusted Earnings, even in this tougher market environment. We view our stock as being demonstrably undervalued as our earnings return to 2019 levels in the fourth quarter, while our current stock price is over 50 percent below where it was last year.”