Realogy Holdings (RLGY) Misses Q4 EPS by 3c, Revenues Beat

Realogy Holdings (NYSE: RLGY) reported Q4 EPS of $0.68, $0.03 worse than the analyst estimate of $0.71. Revenue for the quarter came in at $1.9 billion versus the consensus estimate of $1.78 billion.

Fourth Quarter 2020 Highlights

• Generated revenue of $1.9 billion, an increase of 36% or $497 million year-over-year.
• Reported Net income of $18 million and basic earnings per share of $0.16, an increase of $63 million vs. prior year or $0.55 per share.
• Generated Operating EBITDA of $206 million, an increase of $80 million year-over-year, driven by higher transaction volume, strong performance at our mortgage JV, and ongoing cost management (See Table 5a).
• Title and mortgage continued to contribute meaningfully to our business results, generating approximately $58 million in fourth quarter Operating EBITDA (See Table 5a).
• Combined closed transaction volume increased 45% year-over-year in the fourth quarter driving market share gains for the second consecutive quarter.
• Generated Free Cash Flow of $268 million vs. $77 million for the corresponding quarter last year (See Table 7).

"Realogy had an outstanding 2020, delivering $726 million in Operating EBITDA, $555 million in free cash flow, 13% homesale transaction volume growth, and substantial capital structure improvements," said Ryan Schneider, Realogy's chief executive officer and president. "In an extraordinary year, we were able to capitalize on the dynamic housing market, accelerate our strategic progress, and capture significant incremental transaction economics. With our strategic success and strong momentum, we believe Realogy is well-positioned to lead into the future. 2021 is off to a very strong start, and we are excited as we look ahead."

"2020 was a year of tremendous operational and financial execution for Realogy," said Charlotte Simonelli, Realogy's executive vice president, chief financial officer, and treasurer. "In the year we delivered top-line growth, cost efficiencies, impressive profitability, and greater simplification while continuing to invest in the business. We seized market opportunities to improve our capital structure, including significantly reducing net debt and net leverage, which further strengthened Realogy's financial profile."

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

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