Calabasas-based real estate brokerage Marcus & Millichap Inc. nearly doubled its revenues last year, according to financial results reported Friday.
For the fourth quarter, the company reported net income of $62 million ($1.53 per share), compared to $23.6 million (59 cents) for the same period in the prior year. Revenue grew 98 percent to $495 million.
The sole analyst who covers the company expected earnings of 96 cents a share on revenue of $371 million, according to Yahoo Finance.
Net income for the entire year was nearly $143 million, or $3.55 per common share, compared with net income of $42.8 million ($1.08 per share) the previous year. Total revenues for 2021 reached $1.3 billion, an increase of 81 percent.
“Record fourth quarter and full-year 2021 results were the culmination of key strategies deployed over the past few years to expand and strengthen the MMI platform, … as well as a strong market recovery,” Hessam Nadji, Marcus & Millichap’s chief executive, said in a statement. “The company’s significant investment in proprietary tools and technology, elevated branding and client outreach campaigns, and key acquisitions over the past several years were direct and meaningful contributors to our results.”
Nadji continued: “We believe market conditions will remain favorable for our business, notwithstanding the tide of rising interest rates, slower economic growth and heightened geopolitical tensions.”
Shares of Marcus & Millichap (MMI) closed Friday up $1.49, or 3.2 percent, to $48.86 on the New York Stock Exchange, while the Dow closed down a fraction of a percent.