earnings
confidence high
sentiment negative
materiality 0.75
Newmark Q3 revenue down 7.3% to $616.3M; Adj. EPS $0.27 vs $0.35
NEWMARK GROUP, INC.
2023-Q3 EPS reported
$0.03
revenue$1,722,926,000
- Total revenues of $616.3M, down 7.3% YoY; GAAP net income $0.06 per diluted share, down from $0.15.
- Adjusted EPS of $0.27, down 22.9%; Adjusted EBITDA $96.3M, down 21.4%.
- Recurring management, servicing & other revenues up 14.1% YoY, now ~40% of TTM revenue.
- FY2023 guidance: Adjusted EBITDA $375-400M, Adjusted EPS $1.02-$1.09.
- Entered $420M delayed draw term loan to repay $550M 6.125% Senior Notes due Nov. 2023.