Real estate brokerage and services firm Marcus & Millichap (NYSE: MMI) will be announcing earnings results this Thursday before the bell. Here’s what to expect.
Marcus & Millichap beat analysts’ revenue expectations last quarter, reporting revenues of $244 million, up 1.6% year on year. It was a stunning quarter for the company, with a beat of analysts’ EPS estimates and a solid beat of analysts’ EBITDA estimates.
Is Marcus & Millichap a buy or sell going into earnings? Read our full analysis here, it’s free for active Edge members.
This quarter, the market is expecting Marcus & Millichap’s revenue to grow 11.8% year on year, in line with the 12.3% increase it recorded in the same quarter last year.
Analysts covering the company have generally reconfirmed their estimates over the last 30 days, suggesting they anticipate the business to stay the course heading into earnings. Marcus & Millichap rarely misses Wall Street’s revenue estimates.
Looking at Marcus & Millichap’s peers in the consumer discretionary - real estate services segment, some have already reported their Q1 results, giving us a hint as to what we can expect. CBRE delivered year-on-year revenue growth of 18.2%, beating analysts’ expectations by 2.5%, and Newmark reported revenues up 27.2%, topping estimates by 13.2%. CBRE traded down 3.4% following the results while Newmark was up 1.7%.
Read our full analysis of CBRE’s results here and Newmark’s results here.
There has been positive sentiment among investors in the consumer discretionary - real estate services segment, with share prices up 6% on average over the last month. Marcus & Millichap is up 10.5% during the same time and is heading into earnings with an average analyst price target of $28 (compared to the current share price of $28.68).
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