The end of an earnings season can be a great time to discover new stocks and assess how companies are handling the current business environment. Let’s take a look at how Newmark (NASDAQ:NMRK) and the rest of the real estate services stocks fared in Q1.
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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. Stocks--especially those trading at higher multiples--had a strong end of 2023, but 2024 has seen periods of volatility. Mixed signals about inflation have led to uncertainty around rate cuts, but real estate services stocks have performed well, with the share prices up 22.4% on average since the previous earnings results.
Newmark (NASDAQ:NMRK) Founded in 1929, Newmark (NASDAQ:NMRK) provides commercial real estate services, including leasing advisory, global corporate services, investment sales and capital markets, property and facilities management, valuation and advisory, and consulting.
Newmark reported revenues of $546.5 million, up 4.9% year on year, exceeding analysts' expectations by 3.9%. Despite the top-line beat, it was a slower quarter overall for the company with full-year revenue guidance missing analysts' expectations and underwhelming earnings guidance for the full year.
Newmark delivered the weakest full-year guidance update of the whole group. The stock is up 21.4% since reporting and currently trades at $12.10.
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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, outperforming analysts' expectations by 6.4%. 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.
The market seems happy with the results as the stock is up 22.3% since reporting. It currently trades at $226.65.
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 estimates.
Anywhere Real Estate had the weakest performance against analyst estimates in the group. As expected, the stock is down 18.1% since the results and currently trades at $4.44.
CBRE (NYSE:CBRE) Established in 1906, CBRE (NYSE:CBRE) is one of the largest commercial real estate services firms in the world.
CBRE reported revenues of $7.94 billion, up 7.1% year on year, in line with analysts' expectations. Revenue aside, it was a weak quarter for the company with a miss of analysts' earnings estimates.
The stock is up 12% since reporting and currently trades at $97.23.
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 10.8% since reporting and currently trades at $36.99.
This content was originally published on Stock Story
