Real estate brokerage and services firm Marcus & Millichap (NYSE:MMI) will be announcing earnings results tomorrow before market open. Here’s what you need to know.
Marcus & Millichap missed analysts’ revenue expectations by 1.5% last quarter, reporting revenues of $158.4 million, down 2.8% year on year. It was a strong quarter for the company, with an impressive beat of analysts’ EBITDA estimates and a decent beat of analysts’ earnings estimates.
Is Marcus & Millichap a buy or sell going into earnings? Read our full analysis here, it’s free.
This quarter, analysts are expecting Marcus & Millichap’s revenue to be flat year on year at $160.9 million, improving from the 50% decrease it recorded in the same quarter last year. Adjusted loss is expected to come in at -$0.19 per share.
Analysts covering the company have generally reconfirmed their estimates over the last 30 days, suggesting they anticipate the business to stay the course heading into earnings. Marcus & Millichap has missed Wall Street’s revenue estimates five times over the last two years.
Looking at Marcus & Millichap’s peers in the real estate services segment, some have already reported their Q3 results, giving us a hint as to what we can expect. Zillow delivered year-on-year revenue growth of 17.1%, beating analysts’ expectations by 4.7%, and Compass reported revenues up 11.7%, in line with consensus estimates. Compass traded up 14.3% following the results.
Read our full analysis of Zillow’s results here and Compass’s results here.
There has been positive sentiment among investors in the real estate services segment, with share prices up 6% on average over the last month. Marcus & Millichap is up 12.5% during the same time and is heading into earnings with an average analyst price target of $30 (compared to the current share price of $40.27).
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