Real estate services firm Newmark (NASDAQ:NMRK) will be reporting earnings tomorrow before market open. Here’s what to look for.
Newmark met analysts’ revenue expectations last quarter, reporting revenues of $633.4 million, up 8.1% year on year. It was a slower quarter for the company, with a decent beat of analysts' earnings estimates.
Is Newmark a buy or sell going into earnings? Read our full analysis here, it’s free.
This quarter, analysts are expecting Newmark’s revenue to grow 10.6% year on year to $681.6 million, a reversal from the 7.3% decrease it recorded in the same quarter last year. Adjusted earnings are expected to come in at $0.30 per share.
Analysts covering the company have generally reconfirmed their estimates over the last 30 days, suggesting they anticipate the business to stay the course heading into earnings. Newmark has missed Wall Street’s revenue estimates twice over the last two years.
Looking at Newmark’s peers in the real estate services segment, some have already reported their Q3 results, giving us a hint as to what we can expect. Compass delivered year-on-year revenue growth of 11.7%, meeting analysts’ expectations, and CBRE reported revenues up 14.8%, topping estimates by 2.7%. Compass traded up 14.3% following the results while CBRE was also up 7.7%.
Read our full analysis of Compass’s results here and CBRE’s results here.
Investors in the real estate services segment have had steady hands going into earnings, with share prices up 1.9% on average over the last month. Newmark is up 3.3% during the same time and is heading into earnings with an average analyst price target of $17.50 (compared to the current share price of $15.14).
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