Real estate brokerage and services firm Marcus & Millichap (NYSE:MMI) will be announcing earnings results tomorrow before market open. Here's what you need to know.
Marcus & Millichap beat analysts' revenue expectations by 1.3% last quarter, reporting revenues of $129.1 million, down 16.6% year on year. It was a good quarter for the company, with a decent beat of analysts' earnings estimates.
Is Marcus & Millichap a buy or sell going into earnings? Read our full analysis here, it's free.
This quarter, analysts are expecting Marcus & Millichap's revenue to decline 1.3% year on year to $160.7 million, improving from the 58.9% decrease it recorded in the same quarter last year. Adjusted loss is expected to come in at -$0.15 per share.
The majority of analysts covering the company have reconfirmed their estimates over the last 30 days, suggesting they anticipate the business to stay the course heading into earnings. Marcus & Millichap has missed Wall Street's revenue estimates four times over the last two years.
Looking at Marcus & Millichap's peers in the real estate services segment, some have already reported their Q2 results, giving us a hint as to what we can expect. Newmark delivered year-on-year revenue growth of 8.1%, meeting analysts' expectations, and Compass reported revenues up 13.8%, topping estimates by 3.3%. Newmark traded down 9.5% following the results while Compass was also down 3.4%.
Read our full analysis of Newmark's results here and Compass's results here.
Investors in the real estate services segment have had steady hands going into earnings, with share prices flat over the last month. Marcus & Millichap is up 18.8% during the same time and is heading into earnings with an average analyst price target of $20 (compared to the current share price of $37.9).
Here at StockStory, we certainly understand the potential of thematic investing. Diverse winners from Microsoft (MSFT) to Alphabet (GOOG), Coca-Cola (KO) to Monster Beverage (MNST) could all have been identified as promising growth stories with a megatrend driving the growth. So, in that spirit, we’ve identified a relatively under-the-radar profitable growth stock benefitting from the rise of AI, available to you FREE via this link.