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28 February, 2024 19:20 IST
Walker & Dunlop first-quarter profit jumps 179.60 percent on a YOY basis
Source: IRIS | 09 Jun, 2017, 05.33PM

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Walker & Dunlop, Inc. (WD) has reported an 179.60 percent jump in profit for the quarter ended Mar. 31, 2017. The company has earned $43.22 million, or $1.35 a share in the quarter, compared with $15.46 million, or $0.50 a share for the same period last year.

Revenue during the quarter surged 68.20 percent to $158.51 million from $94.24 million in the previous year period. Total expenses were 64.59 percent of quarterly revenues, down from 74.34 percent for the same period last year. This has led to an improvement of 975 basis points in operating margin to 35.41 percent.

Operating income for the quarter was $56.12 million, compared with $24.18 million in the previous year period.

However, the adjusted EBITDA for the quarter stood at $50.30 million compared with $32.42 million in the prior year period. At the same time, adjusted EBITDA margin contracted 266 basis points in the quarter to 31.74 percent from 34.40 percent in the last year period.

"2017 is off to an extremely strong start for Walker & Dunlop," commented Chairman and CEO Willy Walker. "We recruited and acquired many talented mortgage bankers and brokers over the past year, which helped produce record first quarter 2017 transaction volume, revenues, adjusted EBITDA, and earnings." Walker continued, "Net income grew a staggering 180% to $43.2 million, while adjusted EBITDA grew 55% to $50 million. Operating margin far surpassed our target, and at 35%, demonstrates the financial results that can be achieved by maintaining cost discipline during a time of rapid growth. Our team continues to perform at a high level with a tremendous sense of teamwork. Our clients continue to ask us to do more. And our outlook is very strong as the economy expands, interest rates remain relatively low, and the demand for commercial real estate  particularly rental housing continues forward."

 

 


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