Realogy Holdings (RLGY) Tops Q1 EPS by 41c

Realogy Holdings (NYSE: RLGY) reported Q1 EPS of $0.34, $0.41 better than the analyst estimate of ($0.07). Revenue for the quarter came in at $1.55 billion versus the consensus estimate of $1.5 billion.

First Quarter 2021 Highlights

• Generated revenue of $1.5 billion, an increase of 32% or $379 million year-over-year.
• Reported Net income of $33 million and basic earnings per share of $0.28, an increase of $495 million vs. prior year or $4.31 per share.
• Generated Operating EBITDA of $162 million, an increase of $130 million year-over-year (See Table 5).
• Title and mortgage continued to contribute meaningfully to our business results, generating approximately $61 million in first quarter Operating EBITDA (See Table 5).
• Combined closed transaction volume increased 44% year-over-year in the first quarter driving market share gains for the third consecutive quarter. Transaction volume growth was significantly above the National Association of Realtors' reported 28% year-over-year market volume growth.
• Strengthened the balance sheet with the lowest ever Net Debt Leverage Ratio of 3.1x and Senior Secured Leverage Ratio of 0.64x (See Tables 8a and 8b).
• Strong cost management with $80 million in permanent cost savings expected in 2021.
• Reported Free Cash Flow of negative $67 million, an improvement of $88 million from the corresponding quarter last year, with the first quarter being a seasonal use quarter for the business (See Table 7).
• Grew Brokerage agents 3% year-over-year and continued to maintain strong retention levels.

"Realogy delivered a very powerful first quarter. We generated a record $162 million in Operating EBITDA, grew closed transaction volume by 44% year over year, continued to expand market share, and improved our balance sheet to its best position ever," said Ryan Schneider, Realogy's chief executive officer and president. "Our strategic actions are enabling Realogy affiliated agents and franchise owners to better capitalize on the dynamic housing market as we continue to move fast, innovate, and invest for future growth."

"We are off to a phenomenal start to 2021, delivering the strongest first quarter top and bottom line results in Realogy's history," said Charlotte Simonelli, Realogy's executive vice president, chief financial officer, and treasurer. "We delivered strong operational and financial execution, and we continued to drive cost efficiencies and reduced net leverage as we demonstrate continued success."

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

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