Realogy Holdings Corp RLGY announced a drop in its profit for the second quarter. However, its adjusted income advanced 15 percent, which wasn't enough to meet the Street estimate. Revenue also fell shy of the expectations.
The biggest full-service residential real estate services reported net income of $92 million or $0.63 a share, down from $97 million or $0.66 a share in the previous year period. However, its adjusted profit grew to $108 million or $0.74 a share, which was $0.03 a share lower than the Street estimate of $0.77.
Realogy's revenue was $1.66 billion, representing 1 percent growth over the year-ago period. This was driven by increased transaction volume coupled with increased homesale transaction volume.
Chairman, CEO and President, Richard Smith, "Our results for the second quarter were mixed, as continued growth at RFG and TRG was offset by challenges at NRT. At NRT, a continued slowing of activity in the high end markets and increased competitive recruiting pressures further impacted our overall transaction volume."
Moving ahead, Realogy expects overall homesale transaction volume to growth between 1 and 4 percent on a YOY basis for the third quarter. For the full year, the company sees adjusted EBITDA in the range of $845 - $885 million.
On Wednesday, the stock edged up by 3.73 percent to $30.60. However, it shed those gains in the pre-market by losing $1.60, or 5.2 percent, to $29.00.
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