Realogy Conference Call Highlights
Realogy (NYSE: RLGY) reported its quarterly earnings on Monday. Shares of the company are up 5.5 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 percent to plus 2 percent 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 percent 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 percent from 1.9 million units in January.
• Revenue of $1.5 billion was down 1 percent 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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