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Jun 30, 2024
Newmark Q2 2024 Earnings Report
Newmark reported an increase in revenue and double-digit earnings growth driven by growth across all business lines.
Key Takeaways
Newmark Group, Inc. reported positive financial results for the second quarter of 2024, with growth in all business lines. The company saw an 8% increase in total revenue and a significant rise in GAAP net income per fully diluted share and Adjusted EPS. The company reiterated its full year 2024 outlook for total revenues, Adjusted EBITDA, Adjusted EPS, and the Adjusted Earnings tax rate.
GAAP net income per fully diluted share increased by 100.0% and Adjusted EPS improved by 22.2% due to 8.1% revenue growth.
Capital markets revenue grew by 14.5%, outpacing the industry for the fourth consecutive quarter.
Ranked as the #1 Office Broker in the U.S. for the first half of 2024 by Real Estate Alert, with over 30% market share.
Management services, servicing fees, and other increased by 9.2%, marking the fourth consecutive quarter of year-on-year improvement.
Revenue by Segment
Forward Guidance
Newmark reiterated its full year 2024 outlook for total revenues, Adjusted EBITDA, Adjusted EPS, and the Adjusted Earnings tax rate.
Positive Outlook
- Total Revenues: Expecting a year-over-year change of 3% to 7%.
- Adjusted EBITDA: Expecting a year-over-year change of 5% to 9%.
- Adjusted Earnings Per Share: Expecting a year-over-year change of 5% to 9%.
- Adjusted Earnings Tax Rate: Expecting between 15% and 18%.
- Targeting annual share count growth of 2% or less over time.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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