Newmark Group Sees Q4 EPS $0.42-$0.49 Vs $0.30 Est.; Revenue $692M-$742M Vs $660.9M Est.; FY23 EPS $1.02-$1.09 Vs $0.87 Est.; Revenue $2.415B-$2.465B Vs $2.37B Est.

Author: Benzinga Newsdesk | November 01, 2023 08:06am

OUTLOOK FOR 20239 The Company's updated guidance for full year revenues and Adjusted EBITDA reflects the continued impact of the current interest rate environment. Newmark is also introducing Adjusted EPS outlook, as shown below. Metric 4Q 2023 Guidance 4Q 2022 Actual YoY Change FY 2023 Guidance FY 2022 Actual YoY Change Total Revenues (millions) $692 - $742 $607.3 14% - 22% $2,415 - $2,465 $2,705.5 (11% - 9%) Adjusted EBITDA (millions) $143 - $167 $102.2 40% -63% $375 - $400 $510.7 (27% - 22%) Adjusted Earnings Tax Rate 14% - 16% 9.3% 14% - 16% 17.1% Adjusted Earnings Per Share $0.42 - $0.49 $0.32 31% - 53% $1.02 - $1.09 $1.49 (32% - 27%) Newmark had previously anticipated full year 2023 total revenues and Adjusted EBITDA of approximately $2,500 million and $425 million, respectively, and a non-GAAP tax rate of between 14% and 17%. Newmark expects its fourth quarter and full year 2023 Fully diluted weighted-average share count for Adjusted Earnings to be approximately 250 million and 246 million, respectively. The Company's guidance excludes the potential impact of additional share repurchases or any material future acquisitions

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