Marcus & Millichap Inc., the commercial real estate brokerage firm in Calabasas, jumped Wall Street expectations for its second quarter despite weaker year-over-year results.
For the period that ended June 30, the company’s net income fell to $15.6 million (40 cents a share) on lower revenue of $180 million. That is compared to net income of $17.5 million (45 cents a share) on revenue of $183 million in the same period a year-ago.
Analysts predicted net income of 33 cents a share on revenue of $177 million, according to Thomson Financial Network.
The company attributed the weaker results to declines of almost 16 percent in its larger transactions when compared to the prior-year quarter. The smaller, private client segment gained slightly in brokerage transactions.
“Sales remain tempered as many investors are on the sidelines, awaiting clarity on tax and economic policies,” Chief Executive Hessam Nadji said in a statement.
The company said it expects the third quarter to be challenging compared to the prior-year’s quarterly financial results.
Marcus & Millichap (MMI) announced results after the market closed on Tuesday. Shares closed up 17 cents, or less than 1 percent, to $25.78 on the New York Stock Exchange.