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Walker & Dunlop Reports 8% Net Income Growth on
Highest Loan Origination Volume in Company History
Adjusted EBITDA Grows 88% Year Over Year
SECOND QUARTER 2017 HIGHLIGHTS
YEAR-TO-DATE 2017 HIGHLIGHTS
Bethesda, MD – August 2, 2017 – Walker & Dunlop, Inc. (NYSE: WD) (the “Company”) reported second quarter 2017 net income of $34.6 million, or $1.08 per diluted share, representing an 8% increase in net income over second quarter 2016. Total revenues for the second quarter 2017 were $166.4 million, a 13% increase from the prior-year second quarter. Adjusted EBITDA for the second quarter 2017 was a record $51.0 million compared to $27.1 million for the second quarter 2016, an 88% increase.
“A 33% year-over-year increase in mortgage bankers and brokers at Walker & Dunlop, coupled with the underlying health of the commercial real estate industry and our company's expanding reputation as an industry leader, drove record loan origination volume of $5.7 billion, net income growth of 8% and $1.08 of diluted earnings per share,” commented Willy Walker, Chairman and CEO. “Record loan origination volume and the continued growth of our loan servicing portfolio produced 88% growth in adjusted EBITDA to a record $51 million. Earning over $100 million in adjusted EBITDA in the first half of 2017 demonstrates the profitability of our business model and long-term value of the mortgage servicing rights we have accumulated so successfully.”
Mr. Walker continued, “W&D's client base continues to expand, creating growth opportunities across our business such as our joint venture with Blackstone Mortgage Trust and the recently announced engagement to finance Greystar’s acquisition of Monogram. These business opportunities only exist due to the exceptional performance of the W&D team every day.
“Based on our extremely strong financial performance in the first half of 2017 and positive macro-economic drivers behind commercial real estate, we are confident in our ability to exceed the annual financial and operational goals we set out at the beginning of the year and to continue to grow in the years to come.”
The following information was filed by Walker Dunlop, Inc. (WD) on Wednesday, August 2, 2017 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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