WARSAW (dpa-AFX) - Walker & Dunlop, Inc. (WD) reported a profit for first quarter that decreased from the same period last year but beat the Street estimates.
The company's earnings came in at $2.725 million, or $0.08 per share. This compares with $10.815 million, or $0.35 per share, last year.
Excluding items, Walker & Dunlop, Inc. reported adjusted earnings of $29.176 million or $0.85 per share for the period.
Analysts on average had expected the company to earn $0.7 per share. Analysts' estimates typically exclude special items.
The company's revenue for the period rose 4.1% to $237.367 million from $228.059 million last year.
Walker & Dunlop, Inc. earnings at a glance (GAAP) :
-Earnings: $2.725 Mln. vs. $10.815 Mln. last year. -EPS: $0.08 vs. $0.35 last year. -Revenue: $237.367 Mln vs. $228.059 Mln last year.
Commenting on the first-quarter results, Willy Walker, CEO of Walker & Dunlop, Inc., said: 'W&D's Q1 GAAP net income was down significantly due to increased severance expense, fees associated with a corporate debt issuance, and credit losses that are normal for this time in the credit cycle. Adjusted core net income and adjusted EBITDA were down materially less, reflecting the strength of W&D's business model and durable profit streams.'
On April 30, the Board declared a dividend of $0.67 per share for the second quarter. The dividend will be paid on May 29 to shareholders of record as of May 15.
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