NASDAQ$NMRK
Newmark Group Inc · Q3 2024 earnings
Q3 2024 earnings · · Investor relations
Briefing
Newmark's financial performance improved, highlighted by revenue growth and increased earnings per share.
Newmark Group, Inc. reported an 11.3% increase in revenue to $686 million for Q3 2024, driving a 22% increase in earnings per share. The company experienced growth across all major business lines, including a 45% increase in origination fees within Capital Markets and double-digit increases in Management and Servicing businesses. Leasing results improved due to growth in retail and industrial volumes.
- Newmark's revenue grew by 11.3%, leading to a 22.2% increase in Adjusted EPS.
- Capital Markets revenues increased by 18.5%, marking the fourth consecutive quarter of double-digit growth.
- Management Services, Servicing Fees, and Other revenues rose by 11.4%, demonstrating the fifth consecutive quarter of strong year-on-year growth.
- The company advised on significant data center transactions, including a $3.4 billion joint venture in Texas and another JV worth up to $5 billion for AI data centers.
Headline financials
Revenue & EPS history
Newmark · Revenue · Quarterly
$686M
Revenue by segment
Newmark · $241M total across 1 segment · Q2 2023
- Management Services$241M+3.0%100.0%
Forward guidance
Newmark updated its full year 2024 outlook, anticipating total revenues between $2.62 billion and $2.68 billion, Adjusted Earnings Per Share between $1.11 and $1.17, and Adjusted EBITDA between $410 million and $430 million.
Tailwinds
- Total Revenues are expected to be between $2,620 million and $2,680 million, representing a 6% - 9% year-over-year change.
- Adjusted Earnings Per Share are projected to be in the range of $1.11 to $1.17, a 6% - 11% increase year-over-year.
- The Adjusted Earnings Tax Rate is estimated to be between 13% and 15%.
- Adjusted EBITDA is forecasted to be between $410 million and $430 million, indicating a 3% - 8% year-over-year change.
- The outlook excludes the potential impact of future acquisitions and assumes no significant changes in Newmark's stock price.
Headwinds
- The fourth quarter of 2023 included revenues from Newmark's advisory role for the FDIC in its sale of the $39.5 billion Signature Bridge Bank loan portfolio.
- Fourth quarter 2023 Adjusted EBITDA included a favorable $12.8 million legal settlement.
- Expectations are subject to change based on macroeconomic, social, political, and other factors.
- The company does not anticipate providing an outlook for GAAP results.
- Certain GAAP items, which are excluded from Adjusted Earnings and/or Adjusted EBITDA, are difficult to forecast with precision before the end of each period.
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 19 quarterly earnings reports · overlaid with Q3 2024
+0.3%
Avg return
Earnings day
+1.5%
Avg return
5 days after
+2.9%
Avg return
30 days after
39%
13 / 33 earnings
Positive
+20.1%
Q3 2023
Best reaction
-12.3%
Q3 2022
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | -0.8% | -6.1% | — | |
| Q4 2025 | -0.5% | -3.7% | -2.9% | |
| Q3 2025 | -3.1% | -8.7% | -9.4% | |
| Q1 2025 | -0.6% | +0.5% | -0.5% | |
| Q4 2024 | +6.3% | +5.1% | -10.3% | |
| Q3 2024 | +0.7% | +6.2% | +5.3% | |
| Q2 2024 | -9.5% | -7.4% | +8.6% | |
| Q1 2024 | +1.2% | +0.7% | +4.3% | |
| Q4 2023 | -1.0% | +3.7% | +5.1% | |
| Q3 2023 | +20.1% | +26.3% | +48.3% | |
| Q2 2023 | +1.5% | +10.3% | -3.4% | |
| Q1 2023 | -8.8% | -11.5% | +2.0% | |
| Q4 2022 | -4.8% | -10.0% | -25.1% | |
| Q3 2022 | -12.3% | -17.7% | -9.5% | |
| Q2 2022 | -7.4% | -10.8% | -11.3% | |
| Q1 2022 | -10.4% | -5.1% | -15.8% | |
| Q4 2021 | -3.7% | +7.4% | -6.0% | |
| Q3 2021 | +3.4% | +3.1% | +3.8% | |
| Q2 2021 | -2.4% | +2.2% | +0.0% | |
| Q1 2021 | +18.2% | +19.2% | +19.0% | |
| Q4 2020 | +14.7% | +17.3% | +24.2% | |
| Q3 2020 | +13.3% | +34.5% | +56.9% | |
| Q2 2020 | +5.2% | +12.9% | +2.4% | |
| Q1 2020 | +19.1% | +3.4% | +82.1% | |
| Q4 2019 | -5.0% | -6.1% | -45.5% | |
| Q3 2019 | +6.9% | +18.1% | +31.4% | |
| Q2 2019 | -4.5% | -10.9% | -12.0% | |
| Q1 2019 | -5.0% | -2.1% | +1.8% | |
| Q4 2018 | -3.9% | -3.9% | -16.7% | |
| Q3 2018 | +1.1% | -4.1% | -5.8% | |
| Q2 2018 | -4.7% | -1.2% | -7.1% | |
| Q1 2018 | -5.6% | -4.8% | -11.6% | |
| Q4 2017 | -7.8% | -6.4% | -8.6% | |
| Q2 2017 | — | — | — |
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