Newmark Group Q3 Profit Falls, Projects Reduced Earnings In FY23

(RTTNews) - Newmark Group, Inc. (NMRK) Wednesday announced a 62 percent decline in third-quarter earnings, due to a fall in revenues. Looking ahead to the full year, the company expects a sharp drop in adjusted earnings.

Earnings fell 62.6 percent $14.1 million from $37.7 in the prior year. On a per-share basis, earnings declined 60 percent to $0.06 from $0.15 a year ago.

On average, 3 analysts polled by Thomson Reuters expected the company to earn $0.26 per share.

Looking ahead to the fourth quarter, the commercial real estate adviser and service provider expects adjusted earnings in a range of $0.42 to $0.49 per share, expecting a growth of 31 to 53 percent from the previous year's fourth quarter.

For the full year 2023, the company projects adjusted earnings of $1.02 to $1.09 per share, down 32 to 27 percent from the previous year.

Revenue for the declined 7.3 percent to $616.3 million, from $664.6 million in the prior year.