Newmark’s third quarter earnings boost BGC’s revenues to $440M
Newmark Grubb Knight Frank raked in $141.1 million in revenue during the third quarter. The third quarter earnings mark a slight decrease from the $144.1 million posted during the second quarter, according to a report in Crain’s. The results come from a tally recorded by its parent company BGC Partners. Newmark’s earnings raised BGC’s income during a time at which BGC’s income from other financial services had fallen.
BGC’s revenues were $107 million in October – a decline from $112 million in October of 2011. But including real estate revenues, the numbers during the third quarter ticked in at $440 million, up from roughly $380 million year-over-year.
“BGC generated a 17.1 percent year-over-year increase in revenues for the quarter, driven by the ongoing success of our real estate services segment,” Howard Lutnick, BGC CEO, told Crain’s in a statement. “Our strong performance in real estate helped to offset the impact of the industry-wide volume declines across the global financial markets.” [Crain’s] — Zachary Kussin