BGC Group Updates its Outlook for the Fourth Quarter of 2023 and Provides Update to FMX Announcement Timing

About this update from Bgc Group, Inc.

[{"type":"text","content":"NEW YORK, Dec. 29, 2023 /PRNewswire/ -- BGC Group, Inc. (Nasdaq: BGC), today announced that it has updated its outlook for the quarter ending December 31, 2023 and provided an update to the expected timing of upcoming FMX announcements.\nUpdated Outlook BGC expects to be around the high-end of its previously stated outlook ranges for revenue and pre-tax Adjusted Earnings for the fourth quarter of 2023. The Company's outlook was contained in BGC's financial results press release issued on October 30, 2023, which can be found at http://ir.bgcg.com.\nHoward W. Lutnick, Chairman and CEO of BGC Group, a leading global brokerage and financial technology company, said, \"Our business performed strongly throughout the fourth quarter. We expect to report double-digit revenue and pre-tax Adjusted Earnings growth for both the fourth quarter and full year 2023.\"\nHoward W. Lutnick also commented \"We've made significant progress with FMX on multiple fronts during the quarter. We expect to have CFTC regulatory approval and announce our strategic partners in early 2024.\"\nNon-GAAP Financial Measures The non-GAAP definitions below include references to certain equity-based compensation instruments, such as restricted stock awards and/or restricted stock units (\"RSUs\"), that the Company has issued and outstanding following its corporate conversion on July 1, 2023. Although BGC is retaining certain defined terms and references, including references to partnerships or partnership units, for purposes of comparability before and after the corporate conversion, such references may not be applicable following the period ended June 30, 2023.\nThe Company has clarified its practice in an updated definition of its \"Calculation of Non-Compensation Adjustments for Adjusted Earnings\". BGC has not modified any prior period non-GAAP measures related to this clarification.\nThis document contains non-GAAP financial measures that differ from the most directly comparable measures calculated and presented in accordance with Generally Accepted Accounting Principles in the United States (\"GAAP\"). Non-GAAP financial measures used by the Company include \"Adjusted Earnings before noncontrolling interests and taxes\", which is used interchangeably with \"pre-tax Adjusted Earnings\"; \"Post-tax Adjusted Earnings to fully diluted shareholders\", which is used i...

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