Marcus & Millichap (NYSE: MMI) reported Q2 EPS of $0.45, $0.06 better than the analyst estimate of $0.39. Revenue for the quarter came in at $183.4 million versus the consensus estimate of $171.25 million.

“In the second quarter, Marcus & Millichap continued to grow, while gaining share in the vital Private Client Market segment, in light of flat year-over-year sales in the market after several years of strong recovery,” stated Hessam Nadji, President and Chief Executive Officer. “An increase in larger transactions valued at $20 million and above, which are more variable from quarter-to-quarter, also contributed to our results. While executing larger transactions is complementary to our private client business, these overall positive results reflect the client service focus and capabilities of our team, particularly in a transitioning market environment.”

Mr. Nadji continued, “We see healthy property fundamentals with supply and demand in balance and competitive yields still attracting capital into commercial real estate. At the same time, a maturing cycle, macroeconomic concerns and recent global events weigh on investor sentiment, which continues to pressure the bid/ask spread and extended transaction timelines. Nevertheless, we are experiencing ample buyer interest, healthy transaction closing ratios and a wide range of lenders active in the marketplace. Our United States centric, well-capitalized platform, leading and still-growing position within the Private Client Market segment, 45-year culture of client service, versatility in executing larger transactions and highly experienced management team position us for long-term growth,” added Mr. Nadji.

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