Newmark Group Inc. Q2 Profit Increases, Beats Estimates

(RTTNews) - Newmark Group Inc. (NMRK) released earnings for its second quarter that Increased from last year and beat the Street estimates.

The company's earnings came in at $28.773 million, or $0.11 per share. This compares with $20.582 million, or $0.08 per share, last year.

Excluding items, Newmark Group Inc. reported adjusted earnings of $77.7 million or $0.31 per share for the period.

Analysts on average had expected the company to earn $0.26 per share. Analysts' estimates typically exclude special items.

The company's revenue for the period rose 19.9% to $759.112 million from $633.375 million last year.

Newmark Group Inc. earnings at a glance (GAAP) :

-Earnings: $28.773 Mln. vs. $20.582 Mln. last year. -EPS: $0.11 vs. $0.08 last year. -Revenue: $759.112 Mln vs. $633.375 Mln last year.

The Board will pay a quarterly dividend of $0.03 per share on August 29 to Class A and Class B stockholders of record as of August 14.

Looking ahead, citing strong financial performance and a robust pipeline, the company has revised up its annual outlook.

The Group now expects adjusted income of $1.47 to $1.57 per share, higher than earlier outlook of $1.40 to $1.50 per share. For fiscal 2024, the company had reported adjusted income of $1.23 per share.

Revenue is now anticipated to be $3.050 to $3.250 billion, compared with $2.900 to $3.100 billion previously. For fiscal 2024, the Group had posted revenue of $2.738 billion.

Newmark now projects adjusted EBITDA of $523 to $573 million against the earlier outlook of $495 to $545 million. Last year, the company had recorded adjusted EBITDA of $445.3 million.

NMRK was up by 3.81% at $14.99 on the Nasdaq.