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Realogy Holdings (RLGY) Tops Q1 EPS by 34c, Revenues Beat

May 7, 2020 7:26 AM EDT
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Price: $12.08 --0%

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Realogy Holdings (NYSE: RLGY) reported Q1 EPS of ($0.24), $0.34 better than the analyst estimate of ($0.58). Revenue for the quarter came in at $1.12 billion versus the consensus estimate of $1.07 billion.

First Quarter 2020 Highlights

  • Generated Revenue of $1.1 billion, an increase of 6% or $62 million year-over-year.
  • Reported a Net loss of $462 million driven primarily by a $447 million impairment charge related to broad based declines in the overall market due to COVID-19 and a $38 million net increase in interest expense due to the mark-to-market adjustments on interest rate swaps.
  • Generated Operating EBITDA of $37 million, an increase of $35 million year over year (See Table 4).
  • Achieved Operating EBITDA margin expansion of 300 basis points year-over-year driven by cost savings hitting the bottom line.
  • Delivered 8% transaction volume growth across both our owned and franchise businesses.
  • Grew agents 4% year-over-year at Realogy Brokerage Group along with improved retention.
  • Delivered a significant quarter at Realogy Title Group driven in part by an increase in refinance volumes versus prior year. The GRA mortgage JV continued to contribute meaningfully to our business results, generating $9 million in Operating EBITDA this quarter.
  • Generated Free Cash Flow from continuing operations of negative $112 million vs. negative $115 million last year

"The first quarter marked strong results delivery for Realogy with 8% transaction volume growth and a $35 million increase in Operating EBITDA," said Ryan Schneider, Realogy's chief executive officer and president. "In this COVID crisis, Realogy's first priority is the health, safety, and well-being of our employees, affiliated agents, franchise owners, and customers. I am very excited by the creativity our affiliated agents and employees are demonstrating to help customers safely buy and sell homes and by the corporate actions we are taking to position Realogy to navigate this crisis and emerge strong on the other side."

"Realogy delivered on its operational and financial momentum in the first quarter with top line growth and margin expansion across the enterprise," said Charlotte Simonelli, Realogy's executive vice president, chief financial officer and treasurer. "Our ongoing strategic execution, rigorous cost management, liquidity, and capital allocation decisions are designed to enable us to manage the challenges of the COVID-19 pandemic."

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



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