Marcus & Millichap, Inc. (NYSE: MMI), a leading national real estate services firm specializing in commercial real estate investment sales, financing services, research and advisory services, reported its first quarter financial results today.
The company reported total revenue of $171.5 million, an increase of 18.2% compared to $145.0 million. Brokerage commissions totaled $138.1 million, an increase of 11.7% compared to $123.6 million
Private Client Market reported brokerage revenue of $88.1 million, an increase of 13.4% compared to $77.7 million
Middle Market and Larger Transaction Market brokerage revenue of $44.6 million, an increase of 9.2% compared to $40.9 million.
Pre-tax loss was $2.2 million, compared to $13.9 million, an improvement of 84.4%
Net loss was $3.1 million, or $0.08 per common share, diluted, compared to a net loss of $4.4 million, or $0.11 per common share, diluted
Adjusted EBITDA of $2.9 million compared to $(8.7) million, an improvement of 133.7%.
Pre-tax loss amounted to $2.2 million compared to $13.9 million, an improvement of 84.4%.
“We delivered a strong first quarter, with broad-based growth across the business, reflecting investments in talent, business development and platform expansion as well as improving market conditions,” said CEO Hessam Nadji.
MMI shares closed Wednesday at $29.01.
