Compass (COMP) Climbs 27% on Swing to Q1 Profits

Compass Inc. (NYSE:COMP) is one of the 10 Stocks Outperforming Wall Street With Monster Returns.

Compass soared by 27.27 percent on Wednesday to finish at $9.24 apiece, after swinging to profitability in the first quarter of the year.

In an updated report, Compass Inc. (NYSE:COMP) said that it incurred an attributable net income of $22 million in the first three months of the year, reversing a $51 million net loss in the same period last year.

For illustration purposes only. Photo by Mahmoud Zakariya on Pexels

Revenues nearly doubled to $2.7 billion from only $1.356 billion year-on-year, primarily due to the addition of Anywhere Real Estate’s revenues.

Compass Inc. (NYSE:COMP) Chief Executive Officer Robert Reffkin said that the strong performance was supported by the continued discipline in operating expenses (opex), as well as growth in health revenues.

Looking ahead, the real estate technology company expects its revenues in the second quarter of the year to jump by 94 percent to 104 percent to a range of $4 billion to $4.2 billion.

Adjusted EBITDA is also targeted to hit a range of $310 million to $350 million, or an implied growth of 146 percent to 178 percent from the $125.9 million in the second quarter last year.

“Looking ahead, we remain acutely focused on opex control, executing against our cost synergy targets, and generating cash flow to de-lever our balance sheet,” Compass Inc. (NYSE:COMP) Chief Finance Officer Scott Wahlers said.

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