Quarterly earnings results are a good time to check in on a company’s progress, especially compared to its peers in the same sector. Today we are looking at JLL (NYSE:JLL) and the best and worst performers in the real estate services industry.
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The 14 real estate services stocks we track reported a mixed Q1; on average, revenues beat analyst consensus estimates by 4.2%. while next quarter's revenue guidance was 4% below consensus. Inflation progressed towards the Fed's 2% goal at the end of 2023, leading to strong stock market performance. The start of 2024 has been a bumpier ride, as the market switches between optimism and pessimism around rate cuts due to mixed inflation data, but real estate services stocks have shown resilience, with share prices up 8.3% on average since the previous earnings results.
Best Q1: JLL (NYSE:JLL) Founded in 1999 through the merger of Jones Lang Wootton and LaSalle Partners, JLL (NYSE:JLL) is a company specializing in real estate advisory and investment management services.
JLL reported revenues of $5.12 billion, up 8.7% year on year, exceeding analysts' expectations by 6.4%. Overall, it was a stunning quarter for the company with an impressive beat of analysts' earnings estimates and a decent beat of analysts' Capital Markets revenue estimates.
"JLL's strong start to 2024 was driven by growth in both our resilient and transactional business lines. In addition, the impact of our cost actions over the last year allowed us to meaningfully improve our profitability while still investing in our business to take advantage of growth opportunities ahead," said Christian Ulbrich, JLL CEO.
The stock is up 17.4% since reporting and currently trades at $217.46.
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Cushman & Wakefield (NYSE:CWK) With expertise in the commercial real estate sector, Cushman & Wakefield (NYSE:CWK) is a global Chicago-based real estate firm offering a comprehensive range of services to clients.
Cushman & Wakefield reported revenues of $2.18 billion, down 2.9% year on year, in line with analysts' expectations. It was a very strong quarter for the company with an impressive beat of analysts' earnings estimates.
The market seems happy with the results as the stock is up 19% since reporting. It currently trades at $11.80.
Weakest Q1: Anywhere Real Estate (NYSE:HOUS) Formerly known as Realogy Holdings, Anywhere Real Estate (NYSE:HOUS) is a residential real estate company with a network of brokerages, franchises, and settlement services.
Anywhere Real Estate reported revenues of $1.13 billion, flat year on year, falling short of analysts' expectations by 1.8%. It was a weak quarter for the company with a miss of analysts' earnings and revenue estimates.
Anywhere Real Estate posted the weakest performance against analyst estimates in the group. As expected, the stock is down 28% since the results and currently trades at $3.90.
Redfin (NASDAQ:RDFN) Founded by a former medical school student, electrical engineer, and Amazon (NASDAQ:AMZN) data engineer, Redfin (NASDAQ:RDFN) is a real estate company offering brokerage services through an online platform.
Redfin reported revenues of $225.5 million, up 5.3% year on year, surpassing analysts' expectations by 3.6%. Zooming out, it was a solid quarter for the company with revenue guidance for next quarter exceeding analysts' expectations and a narrow beat of analysts' earnings estimates .
The stock is up 10.9% since reporting and currently trades at $7.07.
Marcus & Millichap (NYSE:MMI) Founded in 1971, Marcus & Millichap (NYSE:MMI) specializes in commercial real estate investment sales, financing, research, and advisory services.
Marcus & Millichap reported revenues of $129.1 million, down 16.6% year on year, surpassing analysts' expectations by 1.3%. Taking a step back, it was a good quarter for the company with a decent beat of analysts' earnings estimates.
The stock is up 3.9% since reporting and currently trades at $34.68.
This content was originally published on Stock Story
