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Walker & Dunlop Reports 10% Increase In
Net Income to $38 Million
Adjusted EBITDA Grows 30% to a Record $58 Million
THIRD QUARTER 2018 HIGHLIGHTS
Bethesda, MD – October 31, 2018 – Walker & Dunlop, Inc. (NYSE: WD) (the “Company”) reported third quarter 2018 net income of $37.7 million, or $1.17 per diluted share, an increase of 10% over the third quarter 2017. Total revenues were $184.7 million, an increase of 3%, generating adjusted EBITDA of $58.3 million, an increase of 30% and a quarterly record. The Company ended the third quarter with cash and short-term cash investments of $244.3 million and declared a $0.25 per share dividend for the fourth quarter 2018.
“Q3 represents the third strongest transaction volume in our history and another quarter of continued execution of our strategic growth initiatives,” commented Chairman and CEO, Willy Walker. “Total transaction volume of $8 billion drove $1.17 of diluted earnings per share and record adjusted EBITDA of $58 million. Our servicing portfolio continues to grow, crossing $80 billion in the third quarter and driving dramatic growth in servicing fees and escrow earnings, which increased a combined 24% from Q3’17. We have added 16 bankers and brokers to Walker & Dunlop in 2018, bringing our total to over 160, ahead of schedule on our 10% annual growth objective. We remain focused on growing our transaction volumes, raising capital we control to meet our clients’ financing needs, and adding valuable servicing rights to our $80 billion portfolio.”
Mr. Walker continued, “Walker & Dunlop recently ranked on Fortune magazine’s list of 100 Fastest Growing Companies for the second consecutive year based on three-year growth rates in revenues, earnings per share, and total shareholder return. We have been able to achieve this sustained financial performance by remaining focused on our long-term strategic objective of generating $1 billion in annual revenues by the end of 2020. To achieve that goal, we need to take debt financing volume from $25 billion in 2017 to $30 to $35 billion in 2020, investment sales volume from $3 billion in 2017 to $8 to $10 billion in 2020, our servicing portfolio from $70 billion in 2017 to over $100 billion in 2020, and assets under management from under $500 million in 2017 to $8 to $10 billion in 2020. The growth in our investment sales and debt brokerage volumes in 2018, the acquisition of a registered investment advisor in Q2 bringing total assets under management to over $1 billion at the end of Q3, and the growth in our servicing portfolio to over $80 billion, have us well on our way to achieving Vision 2020 and driving Walker & Dunlop closer and closer to our mission of being the premier commercial real estate financial services company in the United States.”
The following information was filed by Walker Dunlop, Inc. (WD) on Wednesday, October 31, 2018 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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