Marcus & Millichap Inc. reported higher revenues for 2017.
The Calabasas commercial real estate brokerage reported net income of $8.5 million (51 cents a share) compared to net income of $17.2 million (44 cents) for the same quarter a year ago. Total revenues increased 7.2 percent to $203 million.
On an adjusted basis, the company reported net income of $20.1 million (51 cents a share) for the quarter, taking into account deferred tax obligations. Analysts on average expected net income of 39 cents a share on revenue of $189 million, according to Thomson Reuters.
For the full year, the company reported net income of $51.5 million ($1.32 a share) on revenue of $720 million.
“Our intensified client outreach initiatives, sales force expansion and our team’s commitment to client service provided the impetus for modest revenue growth for the year despite uncertainty that pushed many investors to the sidelines.” Chief Executive Hessam Nadji, said in a statement. “We look forward to 2018 with cautious optimism.”
Shares of Marcus & Millichap (MMI) closed Thursday up 51 cents, or 1.6 percent, to $33.30 on the New York Stock Exchange.
Limoneira Co. made money in the fiscal first quarter because of a tax benefit, the company announced Thursday.
The Santa Paula citrus producer reported an operating loss of $1.7 million, but a $10.6 million income tax benefit gave the company a net income of $8.5 million (58 cents a share) for the quarter ended Jan. 31, compared to a loss of $2.2 million (-16 cents) for the same quarter a year ago. Revenue grew 12.8 percent to $31.6 million.
Analysts on average expected a loss of 13 cents on revenue of $28.8 million, according to Thomson Reuters.
"We are updating our fiscal 2018 EPS guidance to reflect the reduction in our federal corporate income tax rate,” Chief Executive Harold Edwards said in a statement. “Our core citrus business is performing consistent with plan and we are encouraged by the early results from our strategic alliance with Suntreat which is advancing our competitiveness in the orange and specialty citrus category.”
Shares of Limoneira (LMNR) closed Thursday down 7 cents, or less than a percent, to $20.77 on the Nasdaq.