BGC Partners Inc. updated its outlook for the fourth quarter.
The company said it now expects revenues and pretax adjusted earnings for the fourth quarter to be around the high end of the range of its previously disclosed guidance. BGC previously estimated revenues of $800 million to $850 million and pretax distributable earnings before noncontrolling interest in subsidiaries and taxes to be in the range of $140 million and $160 million for the fourth quarter.
The company now refers to its non-GAAP financial measures as adjusted earnings instead of distributable earnings.
BGC's consolidated outlook incorporates the outlook for real estate services offered through its newly publicly traded subsidiary Newmark Group Inc., financial services offered through its units, and corporate items.