Real estate brokerage and services firm Marcus & Millichap (NYSE: MMI) will be announcing earnings results this Friday morning. Here’s what investors should know.
Marcus & Millichap beat analysts’ revenue expectations last quarter, reporting revenues of $202.9 million, up 17.8% year on year. It was a stunning quarter for the company, with a beat of analysts’ EPS estimates and an impressive beat of analysts’ EBITDA estimates.
Is Marcus & Millichap a buy or sell going into earnings? Read our full analysis here, it’s free for active Edge members.
This quarter, the market is expecting Marcus & Millichap’s revenue to grow 5.8% year on year, slowing from the 15.1% increase it recorded in the same quarter last year.
Analysts covering the company have generally reconfirmed their estimates over the last 30 days, suggesting they anticipate the business will stay the course heading into earnings. Marcus & Millichap has a history of exceeding Wall Street’s expectations.
Looking at Marcus & Millichap’s peers in the consumer discretionary - real estate services segment, some have already reported their Q3 results, giving us a hint as to what we can expect. JLL delivered year-on-year revenue growth of 11.8%, beating analysts’ expectations by 1.5%, and Cushman & Wakefield reported revenues up 7.7%, topping estimates by 1.1%. JLL traded up 17.9% following the results.
Read our full analysis of JLL’s results here and Cushman & Wakefield’s results here.
There has been positive sentiment among investors in the consumer discretionary - real estate services segment, with share prices up 8% on average over the last month. Marcus & Millichap is up 3.3% during the same time and is heading into earnings with an average analyst price target of $28 (compared to the current share price of $29.54).
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