Newmark Group, Inc.
Reports Fourth Quarter and Full Year 2017 Financial Results
Conference Call to Discuss Results Scheduled for 8:45 AM ET Today
NEW YORK, NY February 9, 2018 - Newmark Group, Inc. (NASDAQ: NMRK) (Newmark or the Company), a leading full-service commercial real estate services business, today reported its financial results for the quarter and year ended December 31, 2017.
Newmark is a publicly traded subsidiary of BGC Partners, Inc. (NASDAQ: BGCP) (BGC Partners, or BGC).
BGC separately reported its consolidated financial results today.
Select Results Compared to the Year-Earlier Period1
Newmark had a great quarter and a great 2017, generating over 18 percent growth in overall revenues for both the quarter and year, said Howard W.
Lutnick, Chairman of Newmark.
We also generated strong full year growth in pre-tax earnings for the year. Given these results, and our expectation of strong growth for the full year 2018, the Companys Board of Directors expects to institute a quarterly dividend to common shareholders of up to 25 percent of our annualized Adjusted Earnings per share3 starting next quarter.
Barry M. Gosin, Chief Executive Officer of Newmark, added: Our strong performance included double-digit top-line increases from leasing, servicing fees, and Global Corporate Services.
SEC CIK 0001690680
Our 19 percent increase in capital markets revenues for the year was driven by a 24 percent increase in investment sales volume and an 85 percent increase in mortgage brokerage volume.4
|1||See the sections of this document including Adjusted Earnings Defined, Differences between Consolidated Results for Adjusted Earnings and GAAP, Reconciliation of GAAP income (loss) to adjusted earnings, Adjusted EBITDA and Adjusted EBITDA Before Allocations to Units Defined, and Reconciliation of GAAP Income (Loss) to Adjusted EBITDA for the complete definitions of these non-GAAP terms and how, when and why management uses them, as well as for the differences between results under GAAP and these non-GAAP items for the periods discussed herein.
See also the tables in BGCs separate fourth quarter and full year 2017 financial results press release for a reconciliation of Newmarks stand-alone results compared with BGCs Real Estate Services segment results.
|2||As Newmarks initial public offering (IPO) occurred in the fourth quarter of 2017, Newmark had no shares outstanding in the prior year periods under GAAP.
Prior year pre-tax Adjusted Earnings per share and post-tax Adjusted Earnings per share are based on a methodology consistent with that used for the current year periods. See the section of this document titled Consolidated Share Count for more details on this methodology.
|3||Newmarks quarterly dividend, if any, is expected to be based upon an estimate of the Companys full year post-tax adjusted earnings per share.
Any quarterly dividend would be paid ratably for the four quarters of a given fiscal year based on this annualized estimate.
The Board is expected to determine at least once a year if, when, and how much to pay with respect to such dividends.
|4||Investment sales figures include investment sales and equity advisory transactions, while mortgage brokerage includes debt placement transactions, all measured in notional terms.
WeWork requests to pull IPO filing
The following information was filed by Newmark Group, Inc. (NMRK) on Friday, February 9, 2018 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
View differences made from one year to another to evaluate Newmark Group, Inc.'s financial trajectory
Compare this 10-K Annual Report to its predecessor by reading our highlights to see what text and tables were , and by Newmark Group, Inc..