Marcus & Millichap reports Q2 EPS 40c, consensus 33c
Reports Q2 revenue $180.4M, consensus $177.4M. The company said, "Estimates during the second quarter of 2017 show a 10% decline in market sales activity, including the Private Client Market segment. By contrast, MMI's total transactions during the quarter declined by only 2.9% while the Private Client transactions grew slightly. Recent share gains fortify our Private Client Market leadership and position us well for achieving long-term growth. We are seeing stability in key metrics and growth in refinancing volumes as more clients re-capitalize versus outright sale in the near-term. This is a clear example of the flexibility of our platform and how we support our clients in navigating shifting market conditions. Job growth, still-low interest rates and healthy property fundamentals bode well for the durability of the cycle. Furthermore, we believe that sales activity is likely to improve once clarity on tax and economic policy emerges. In the meantime, we remain focused on expanding our sales force, investing in infrastructure and proprietary tools, all of which should result in long-term growth."