Realogy Holdings (RLGY) Misses Q1 EPS by 7c, Beats on Revenues

Realogy Holdings (NYSE: RLGY) reported Q1 EPS of ($0.38), $0.07 worse than the analyst estimate of ($0.31). Revenue for the quarter came in at $1.23 billion versus the consensus estimate of $1.21 billion.

• Revenue was $1.2 billion, an increase of 2% compared with the first quarter in 2017, driven by increases in homesale transaction volume (transaction sides multiplied by average sale price).
• The Company's combined homesale transaction volume increased 4% compared with the first quarter of 2017, consisting of a 5% volume gain at RFG and a 2% volume gain at NRT. For reference, the National Association of Realtors reported an annual industry volume increase of 2% in the first quarter of 2018.
• Operating EBITDA was $34 million, consistent with our guidance for the first quarter of 2018.
• Net loss was $67 million compared with net loss of $28 million in the first quarter of 2017. Basic loss per share was $0.51 compared with basic loss per share of $0.20 in the first quarter of 2017. The Net Loss was driven by lower Operating EBITDA and includes a $30 million restructuring charge.
• Adjusted net loss per share was $0.38 compared with adjusted net loss per share of $0.16 in the first quarter of 2017.
• Free Cash Flow for the first quarter of 2018 was negative $166 million compared with negative $72 million for the first quarter of 2017. In addition to the change in Operating EBITDA, the results reflected greater seasonal working capital adjustments than last year.
• In the first quarter of 2018, Realogy returned $111 million of capital to stockholders through share repurchases and dividends.

For earnings history and earnings-related data on Realogy Holdings (RLGY) click here.

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