Q2 2024 Walker & Dunlop Inc Earnings Call Transcript
Key Points
- Walker & Dunlop Inc (WD) reported a 15% growth in adjusted EBITDA year over year to $81 million, indicating strong financial performance.
- The company's adjusted core EPS grew 26% to $1.23 per share, showcasing resilience and effective cost management.
- WD's total transaction volume for Q2 2024 was $8.4 billion, reflecting a recovery in the commercial real estate market.
- The company's servicing and asset management segment continues to thrive, with a managed portfolio growing 5% year over year to $150 billion.
- WD's affordable equity business closed a $163 million fund, highlighting strong demand and growth potential in the affordable housing sector.
- Diluted earnings per share decreased 18% to $0.67 per share, primarily due to lower GSE volumes.
- Financing volumes with the GSEs were down 23% year over year, indicating sluggish lending activity.
- Investment sales volume, although up from Q1, is significantly lower compared to Q2 2022, showing a slow market recovery.
- Zelman research and investment banking revenues were down slightly, reflecting challenges in these segments.
- The company's operating margin and return on equity remain below historical levels at 10% and 5%, respectively.
Good day and welcome to the Q2 2024 Walker & Dunlop, Inc., second-quarter earnings call. Today's conference is being recorded. At this time, I would like to turn the conference over to Kelsey Duffey. Please go ahead, ma'am.
Thank you, Lisa. Good morning, everyone. Thank you for joining Walker & Dunlop's second-quarter 2024 earnings call. I have with me this morning our Chairman and CEO, Willy Walker; and our CFO, Greg Florkowski. This call is being webcast live on our website and a recording will be available later today.
Both our earnings press release and website provide details on accessing the archived webcast. This morning, we posted our earnings release and presentation to the Investor Relations section of our website, www.walkerdunlop.com. These slides serve as a reference point for some of what Willy and Greg will touch on during the call.
Please also note that we will
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