Marcus & Millichap Q2 Profit Tops Estimates

Marcus & Millichap, Inc. (MMI) reported second-quarter results well above analysts' estimates for the quarter. Total revenues were up 142.7% year-on-year driven by increases in real estate brokerage commissions, financing fees and other revenues. Looking forward, the company believes it is positioned to achieve long-term growth.

Second quarter net income increased to $31.5 million, or $0.78 per share, from $106 thousand, or breakeven per share, prior year. Analysts polled by Thomson Reuters expected the company to report profit per share of $0.39, for the quarter. Analysts' estimates typically exclude special items. Adjusted EBITDA grew to $48.1 million from $4.2 million.

Total revenues increased by 142.7% to $284.9 million. Analysts expected revenue of $216.92 million, for the quarter.

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