Q4 Earnings Outperformers: RE/MAX (NYSE:RMAX) And The Rest Of The Real Estate Services Stocks
The end of the earnings season is always a good time to take a step back and see who shined (and who not so much). Let’s take a look at how real estate services stocks fared in Q4, starting with RE/MAX (NYSE:RMAX).
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The 12 real estate services stocks we track reported a weaker Q4; on average, revenues beat analyst consensus estimates by 1.9%. while next quarter's revenue guidance was 20.9% below consensus. Stocks--especially those trading at higher multiples--had a strong end of 2023, but 2024 has seen periods of volatility. Mixed signals about inflation have led to uncertainty around rate cuts, and real estate services stocks have had a rough stretch, with share prices down 6.8% on average since the previous earnings results.
RE/MAX (NYSE:RMAX)
Short for Real Estate Maximums, RE/MAX (NYSE:RMAX) operates a real estate franchise network spanning over 100 countries and territories.
RE/MAX reported revenues of $76.6 million, down 5.7% year on year, falling short of analyst expectations by 0.6%. It was a weak quarter for the company, with full-year revenue guidance missing analysts' expectations.
"We generated better-than-expected margins in the fourth quarter, driven by our ongoing focus on effective cost management amidst what continues to be a very difficult housing market. Despite macro conditions beyond our control, our expense discipline has allowed us to remain nimble, able to pursue and seize those growth opportunities that we identify as having the greatest potential," said Erik Carlson, RE/MAX Holdings Chief Executive Officer.
The stock is down 12.2% since the results and currently trades at $7.82.
Read our full report on RE/MAX here, it's free.
Best Q4: JLL (NYSE:JLL)
Founded in 1999 through the merger of Jones Lang Wootton and LaSalle Partners, JLL (NYSE:JLL) is a company specializing in real estate advisory and investment management services.
JLL reported revenues of $5.88 billion, up 4.9% year on year, outperforming analyst expectations by 1.5%. It was a decent quarter for the company, with revenue and EPS outperforming expectations thanks to better-than-expected results in its Capital Markets segment ($537 million vs estimates of $462 million).
The stock is down 0.5% since the results and currently trades at $183.7.
Is now the time to buy JLL? Access our full analysis of the earnings results here, it's free.
Weakest Q4: Anywhere Real Estate (NYSE:HOUS)
Formerly known as Realogy Holdings, Anywhere Real Estate (NYSE:HOUS) is a residential real estate company with a network of brokerages, franchises, and settlement services.
Anywhere Real Estate reported revenues of $1.25 billion, down 5.5% year on year, falling short of analyst expectations by 2.1%. It was a weak quarter for the company, with a miss of analysts' revenue and EPS estimates.
The stock is down 27.1% since the results and currently trades at $5.58.
Read our full analysis of Anywhere Real Estate's results here.
eXp World (NASDAQ:EXPI)
Founded in 2009, eXp World (NASDAQ:EXPI) is a real estate company known for its virtual, cloud-based approach to real estate brokerage.
eXp World reported revenues of $983 million, up 5.3% year on year, surpassing analyst expectations by 2.5%. It was a mixed quarter for the company, with revenue exceeding analysts' estimates. On the profitability side, things were less rosy as the company missed analysts' EBITDA and EPS estimates.
The stock is down 9.8% since the results and currently trades at $9.98.
Read our full, actionable report on eXp World here, it's free.
Newmark (NASDAQ:NMRK)
Founded in 1929, Newmark (NASDAQ:NMRK) provides commercial real estate services, including leasing advisory, global corporate services, investment sales and capital markets, property and facilities management, valuation and advisory, and consulting.
Newmark reported revenues of $747.4 million, up 23.1% year on year, in line with analyst expectations. It was a weak quarter for the company, with a miss of analysts' earnings estimates.
The stock is up 1% since the results and currently trades at $10.51.
Read our full, actionable report on Newmark here, it's free.
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