Marcus & Millichap (MMI) Tops Q1 EPS by 10c

Marcus & Millichap (NYSE: MMI) reported Q1 EPS of $0.38, $0.10 better than the analyst estimate of $0.28. Revenue for the quarter came in at $164.3 million versus the consensus estimate of $144.82 million.

“The first quarter marked another period of growth for Marcus & Millichap as we celebrate our 45th year in the business. Our $1-$10 million private client market segment registered healthy results which points to additional market share gains,” stated Hessam Nadji, Company President and CEO. “Our first quarter performance also benefited from other factors, including closing date variability, a jump in larger asset sales and a major portfolio transaction.”

Mr. Nadji continued, “Market sentiment has shifted positively from early in the year. The economy continues to post modest, yet steady growth and real estate fundamentals remain healthy, all of which provide a positive market backdrop for our business. However, we are still seeing longer marketing and closing timelines due to buyer and lender caution, as the market evolves from several years of rapid recovery. Our management team continues to execute our long-term growth plan which is on track and has been proven effective through various market shifts and cycles.”

For earnings history and earnings-related data on Marcus & Millichap (MMI) click here.

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