Newmark Group (NMRK +0.4%) Q2 adjusted EPS of 10 cents trails the consensus estimate of 19 cents and sank from 30 cents in the year-ago quarter, noting "significantly lower transaction volumes" in the quarter.
Q2 total revenue of $383.7M fell 30% Y/Y and fell short of the $393.3M consensus; by segment:
Leasing and other commissions of $120.1M fell 45% Y/Y;
Capital markets revenue of $53.0M declined 59% Y/Y;
Gains from mortgage banking activities/origination, net, of $69.1M increased 53% Y/Y;
Management services, servicing fees, and other of $141.6M fell 12% Y/Y.
Net cash provided by operating activities excluding activity from loan originations and sales was $47.4M in Q2 2020 vs. $125.1M in Q2 2019.
