RE/MAX Holdings (RMAX) Misses Q1 EPS by 1c

RE/MAX Holdings (NYSE: RMAX) reported Q1 EPS of $0.39, $0.01 worse than the analyst estimate of $0.40. Revenue for the quarter came in at $70.3 million versus the consensus estimate of $70.29 million.

First Quarter 2020 Highlights(Compared to first quarter 2019 unless otherwise noted)

• Total agent count increased 5.0% to 131,816 agents (as previously disclosed)
• U.S. and Canada combined agent count increased 0.2% to 84,191 agents (as previously disclosed)
• Total open Motto Mortgage franchises increased 34.1% to 118 offices1 (as previously disclosed)
• Total Revenue of $70.3 million; Revenue excluding the Marketing Funds increased 0.7% to $52.8 million
• Net income attributable to RE/MAX Holdings, Inc. of $2.6 million and earnings per diluted share (GAAP EPS) of $0.15
• Adjusted EBITDA2 of $19.5 million, Adjusted EBITDA margin2 of 27.8% and Adjusted earnings per diluted share (Adjusted EPS2) of $0.39

"The housing market experienced a strong start to 2020, but that momentum was unfortunately interrupted by the COVID-19 pandemic," stated Adam Contos, RE/MAX Holdings Chief Executive Officer. "In the current environment, the health and well-being of our employees, affiliates, home buyers and sellers and the communities in which they live remain our top priority. Thanks to investments in our business this past year, our employees are working productively from home, delivering valuable service and support to our networks. Real estate professionals, using technology and adhering to social distancing guidelines, are effectively leading consumers through the buying or selling process in a safe and largely virtual way. What has become clear is the expertise of a skilled real estate professional has never been more important."

Contos continued, "We have ample reason to be confident in our ability to navigate through this challenging environment. We have the advantages of strong brands, a resilient business model, a healthy balance sheet, two highly entrepreneurial networks – including one that virtually spans the globe – and an extremely skilled headquarters staff. We've experienced economic downturns before, and the lessons we've learned will help us through this one. We continue to invest in the success of our affiliates – providing financial support, maintaining our brand presence, and developing relevant new tools, training and technology. The goal: helping our people emerge from this crisis in a position of strength."

For earnings history and earnings-related data on RE/MAX Holdings (RMAX) click here.

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