Newmark Group, Inc. (NMRK) Tops Q1 EPS by 8c
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Newmark Group, Inc. (NASDAQ: NMRK) reported Q1 EPS of $0.20, $0.08 better than the analyst estimate of $0.12. Revenue for the quarter came in at $504 million versus the consensus estimate of $407.79 million.
OUTLOOK FOR 2021:
Newmark expects second quarter revenue growth of 37% to 42% year-on-year based on its strong pipeline of sales and leasing activity. Including Knotel, the Company expects stable Adjusted EBITDA margins in the second quarter relative to the first quarter of 2021. In addition, Newmark expects approximately $850 million of Nasdaq shares net from the Nasdaq Earn-out in the second quarter based on yesterday's closing price.
Newmark is updating its full year 2021 outlook and now expects to generate 20% to 25% revenue growth, as compared with the Company's prior expectations for "double-digit revenue growth." Newmark expects Adjusted EBITDA growth of 40% to 50%. These expectations include the acquisition of Knotel beginning on April 1, 2021. Newmark anticipates these results will be supplemented by approximately $850 million of additional net shares from the Nasdaq Earn-out.
The Company's 2021 expectations exclude the impact of future acquisitions and are subject to change based on various macroeconomic, social, political, and other factors, including the COVID-19 pandemic.
For earnings history and earnings-related data on Newmark Group, Inc. (NMRK) click here.
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