Walker & Dunlop is reaping the benefits of a strong market, pulling in all-time high revenue of $120.8M in Q3. That's up 23% year-over-year, more than tripling the forecast 7% growth rate.
Net income climbed more than a third to $20.3M, translating into earnings of $0.66 per share, nearly $0.20 better than expected. The company's transaction volume skyrocketed 58% to $4.9B with a wide range of gains.
Loan origination volume climbed 32%, mortgage banking gains went up 12% to $70.8M, and servicing fees increased 17% to $29.3M. In addition, net warehouse interest income leapt 36% to $6.9M for the company, all while keeping cost growth down to 19%.
CEO and chairman Willie Walker (pictured) pointed to the potential of the multifamily residential market, where outstanding debt topped the $1 trillion mark for the first time ever. Thrilled investors sent the stock up more than 10% just hours after the announcement. [MotleyFool]
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