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Mar 31, 2024
Newmark Q1 2024 Earnings Report
Newmark's first quarter results were led by significant improvement in mortgage brokerage and GSE origination volumes, along with double-digit growth in management and servicing businesses. The company saw market share gains in capital markets due to talented professionals and creative solutions.
Key Takeaways
Newmark Group, Inc. reported a 4.9% increase in total revenues for the first quarter of 2024, driven by over 90% improvement in mortgage brokerage and GSE origination volumes, as well as double-digit growth from management and servicing businesses. The company's capital markets revenues increased by 13.5%, outpacing the industry.
Newmark's capital markets revenues increased by 13.5%, outperforming the industry for the third consecutive quarter.
Fees from commercial mortgage origination, net, grew by 50.5%.
Management services, servicing fees, and other businesses increased by 21.0%, showing strong double-digit growth for the third quarter in a row.
Newmark repurchased 3.5 million shares for $37.2 million during the quarter.
Newmark
Newmark
Newmark Revenue by Segment
Revenue by Segment
Management Services, Servicing, and Other Revenue
CapyFin.comLeasing and Other Commissions Revenue
CapyFin.comCapital Markets Revenue
CapyFin.com Forward Guidance
Newmark's outlook for full year 2024 remains unchanged, other than its improved expectation for Adjusted Earnings taxes. The company continues to expect sequential and year-on-year improvement in its non-GAAP earnings measures for the second and third quarters of 2024. The Company expects to complete its $75 million cost savings plan in the second quarter of 2024.
Positive Outlook
- Expects sequential and year-on-year improvement in non-GAAP earnings measures for Q2 and Q3 2024.
- Company expects to complete its $75 million cost savings plan in Q2 2024.
- Total Revenues (millions) $2,470.4 3% to 7%
- Adjusted EBITDA (millions) $398.3 5% to 9%
- Adjusted Earnings Per Share $1.05 5% to 9%
Revenue & Expenses
Visualization of income flow from segment revenue to net income