Walker & Dunlop Q1 2024 Earnings Report
Key Takeaways
Walker & Dunlop reported a mixed Q1 2024 with a 4% decrease in total revenues to $228.1 million and a 55% decrease in net income to $11.9 million, or $0.35 per diluted share. However, adjusted EBITDA increased by 9% to $74.1 million, and adjusted core EPS rose by 2% to $1.19, demonstrating the strength of recurring revenue streams despite market headwinds.
Total transaction volume was $6.4 billion, a 5% decrease compared to Q1 2023.
Total revenues amounted to $228.1 million, a 4% decrease year-over-year.
Net income was reported at $11.9 million, with diluted earnings per share at $0.35, reflecting decreases of 55% and 56%, respectively, from Q1 2023.
The servicing portfolio reached $132.0 billion as of March 31, 2024, marking a 6% increase from March 31, 2023.
Walker & Dunlop
Walker & Dunlop
Forward Guidance
Walker & Dunlop believes its full-year 2024 financial guidance is achievable given the volume of loan refinancings and equity capital looking to be deployed between now and year-end.
Positive Outlook
- Commercial real estate investors are adapting to 'higher for longer' interest rates.
- Investors are actively refinancing properties.
- Investors are buying and selling properties.
- Investors are raising new capital.
- Company's full-year 2024 financial guidance is achievable given loan refinancings and equity capital deployment.
Challenges Ahead
- Market uncertainty.
- Rising interest rates.
- Higher rates are headwinds.
- Uncertain Fed policy are headwinds.
- Team must provide clients with solutions in challenging markets.