Bethesda-based Walker & Dunlop, Inc. (NYSE: WD), said it amassed record revenue in the second quarter ended June 30, 2011.
Total revenue was $42.4 Million in the quarter, up 38% from $30.68 Million in prior quarter 2010. The record revenue beat average analyst estimates of $38.19 Million.
Income from operations was $18.23 Million but an income tax expense brought net income slightly lower than in 2010 to $11.13 Million or $0.51 cents per diluted share. The income tax expense was $7.09 Million due to the companies change from a pass-through entity to a C-corporation as it completed its IPO in December 2010.In second quarter 2010 net income was $11.73 Million or $0.80 cents per diluted share without any significant corporate federal and state tax expense. The company still beat average analyst estimates of $0.40 cents per share.
The company had $1.3 Billion in loan originations, the highest in company history.
Walker & Dunlop in downtown Bethesda is a leading commercial real estate financial services firm focused on multifamily lending.