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Realogy Holdings Corp. (NYSE: RLGY), a global leader in residential real estate franchising and provider of real estate brokerage, relocation, and title and settlement services, has reported financial results for the quarter ended September 30, 2014, including the following highlights:

  • Net revenue for third quarter 2014 was $1.5 billion, a 1% decrease compared to third quarter 2013.
  • Adjusted EBITDA1 for third quarter 2014 was $287 million, up $1 million from $286 million in the third quarter of 2013.
  • Net income for third quarter 2014 was $100 million, which is net of $71 million of GAAP income tax expense, $54 million of interest expense, $48 million of depreciation and amortization expense and $6 million of ZipRealty-related transaction and integration costs.
  • Basic earnings per share was $0.68 for third quarter 2014.
  • Realogy generated $234 million of free cash flow during the quarter, or $1.60 per share, an increase of 17% compared to $1.37 in the third quarter of 2013.
  • Cash taxes for third quarter 2014 were $2 million as the Company continued to utilize a portion of its approximately $2 billion of net operating losses.

“The quarter produced strong cash flow in part due to our continued investment in growth and lower interest expense,” said Richard A. Smith, Realogy’s chairman, chief executive officer and president.  “Our third quarter Adjusted EBITDA matched the third quarter of 2013, even in the face of difficult comparisons from the same quarter last year, which we believe was bolstered by accelerated home closings in a rising mortgage rate environment. In addition, we completed the ZipRealty acquisition, and its integration is going well. We continue to be excited about the strategic opportunities available to us as a result of this transaction.”

For the third quarter of 2014, Realogy’s company-owned and franchise business segments’ combined homesale transaction volume (transaction sides times average sale price) increased by 2%, as compared to third quarter of 2013. RFG and NRT reported average homesale price improvements of 6% and 5%, respectively year-over-year while homesale transactions declined 3% and 4%, respectively.

At Cartus, the Company’s relocation services segment, initiations for third quarter 2014 increased 3% and referrals increased 3% compared to third quarter 2013.  At TRG, the company’s title and settlement services segment, purchase unit volume decreased 4% year over year, which was consistent with NRT homesale transaction declines.  Average fee per transaction improved 24% due to a shift in the mix of business to home purchase transactions from refinancing transactions. TRG’s refinance title and closing units decreased 63% in third quarter 2014 compared to 2013, which was expected given lower refinancing trends across the industry.

“Looking ahead, we anticipate full year 2014 Adjusted EBITDA to be approximately $765 to $775 million,” said  Anthony E. Hull, executive vice president, chief financial officer and treasurer.  “For the fourth quarter of 2014, based on our closed sales activity in October, along with contracts opened in September and October, we expect homesale sides to be up +1% to +3% year-over-year, and average sale price to increase +3% to +5% on a combined basis. As a result, we expect to see homesale transaction volume in the range of +4% to +8% year-over-year for RFG and NRT combined for the fourth quarter.”

“We expect to end the year with approximately $400 million of cash and cash equivalents and to be well positioned to make further progress toward our goal of reducing interest expense and deleveraging the balance sheet as we move into 2015,” added Hull.

The Company ended the third quarter with a cash and cash equivalents balance of $268 million and no outstanding borrowings under its revolving credit facility. Total long-term corporate debt, including the short term portion, net of cash and cash equivalents totaled $3.7 billion at September 30, 2014.

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