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Newmark beats Q4 estimates, stock soars 7%

EditorRachael Rajan
Published 02/22/2024, 10:03 AM
© Reuters.

NEW YORK - Newmark Group , Inc. (NASDAQ:NMRK), a prominent player in commercial real estate services, has surpassed analyst expectations for the fourth quarter, reporting adjusted earnings per share (EPS) of $0.46, which is $0.01 higher than the consensus estimate of $0.45. The company's revenue reached $747.4 million, outperforming the analyst forecast of $736.07 million. This strong revenue figure has driven the stock up by an impressive 7%.

The company's financial performance in the fourth quarter reflects a robust period, with revenue not only exceeding analyst estimates but also showing a significant increase from the same quarter last year. Newmark's outlook for the upcoming fiscal year is also positive, projecting total revenues to grow by 3% to 7% from the actual figures of FY 2023.

The CEO of Newmark commented on the results, stating, "Our strong fourth-quarter performance is a testament to the resilience of our diversified service offerings and the dedication of our professionals. We are well-positioned to continue delivering value to our clients and shareholders in the coming year."

Looking ahead, Newmark's financial guidance for the next fiscal year suggests a continuation of this positive trajectory, aligning with the company's strategic initiatives and market position.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

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