Realogy Health RLGY reported its quarterly earnings on Monday. Shares of the company are up five percent.
Below are some key highlights from its conference call:
Global, Growth, Results:
• You will recall that our previous guidance for the second quarter
transaction volume was a range of down 2% to plus 2% compared to the prior
year's results.
• Our free cash flow for the quarter was strong, a
trend we fully expect to continue through year-end.
• We expect to be
well-positioned to call the remaining 7.785% debt in early 2015, which is
currently about $330 million
• Of course, the most exciting recent news is our planned acquisition of
ZipRealty, which is expected to close during the third quarter.
• Focusing on the
green 2014 line, you can see the inventory levels were at 2.3 million units
in June, which is up 22% from 1.9 million units in January.
• Revenue of $1.5 billion was down 1% compared to the second
quarter of 2013, driven by lower refinance volume at TRG.
• The company generated $198
million of free cash flow during the quarter or $1.36 per share.
• One other item of
note on the income statement is the GAAP tax increased to $51 million in the
second quarter compared to $9 million in the previous-year period.
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