Realogy Posts Decline Earnings, Sales For Q3

Realogy Holdings Corp RLGY reported mixed results for the third quarter. While adjusted EPS missed by $0.02, revenue came in line with the estimates.

• Reports adjusted EPS fell to $0.74, misses by $0.02.
• Generates one percent lower revenue at $1.64 billion, in line with the estimates.
• Expects RFG’s transaction volume to grow 4–6 percent and NRT transaction volume to increase 1–3 percent in the fourth quarter.
• Hopes to achieve overall homesale transaction volume gain of 3–5 percent on a year-over-year basis.
• Quarterly dividend of $0.09 is payable on December 1.

Realogy’s Chairman, President and CEO Richard Smith said, "While our third quarter results reflect continued pressure on NRT as expected, we have moved aggressively to improve the business and enhance NRT's competitiveness with an infusion of talent and new growth initiatives. We expect these initiatives to put near-term pressure on margins, but anticipate that the resulting increase in revenue will deliver improved financial results over time and position us well to achieve our long-term goals and drive shareholder value."

The stock closed at $22.39 on Thursday.