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Realogy Holdings Corp. recently reported financial results for the second quarter ended June 30, 2015, including the following highlights:

  • Revenue of $1.7 billion, which represents a 9 percent increase compared to second quarter 2014, was driven by higher home sale transaction volume.
  • Net income for second quarter 2015 was $97 million, and basic earnings per share was $0.66, representing increases of 43 percent and 40 percent, respectively, compared to the prior year period.
  • Adjusted EBITDA was $282 million, compared to $269 million in the second quarter of 2014, a year-over-year increase of $13 million.
  • Realogy generated $273 million of free cash flow for the quarter, or $1.86 per share, compared to $198 million, or $1.36 per share, in the prior year period.
  • Realogy’s franchise (RFG) and company-owned (NRT) business segments achieved a 10 percent increase in combined home sale transaction volume (transaction sides multiplied by average sale price) compared to second quarter 2014. RFG reported a home sale transaction increase of 5 percent and an average home sale price increase of 5 percent. NRT reported a home sale transaction increase of 13 percent and an average home sale price decrease of 4 percent. The increase in NRT’s transaction sides was bolstered by the strategic addition of the Coldwell Banker United and ZipRealty brokerage operations, which have a lower average sales price.

“Our second quarter results continued the momentum from the first quarter,” says Richard A. Smith, Realogy’s chairman, chief executive officer and president.  “The fundamentals of the housing market continue to gain strength, and our results reflect these improving conditions along with the impact of our strategic growth initiatives.”

Smith continued: “We delivered strong free cash flow of $273 million in the second quarter, which we believe demonstrates the strength of our business model. We expect that we will end the year with a cash balance of approximately $650 million, more than double the balance at December 31, 2014, which positions us to further deliver our balance sheet.”

“Looking ahead to the third quarter of 2015, we expect to see home sale transaction volume gains in the range of 7 percent to 10 percent year-over-year on a company-wide basis,” says Anthony E. Hull, executive vice president, chief financial officer and treasurer. “Based on our closed and open sales activity in June and July, we expect third quarter home sale transaction sides to be up 5 percent to 7 percent year-over-year and average home sale price to increase 2 percent to 3 percent for RFG and NRT combined.”

Hull continued: “Since our primary earnings quarters are the second and third quarters of each year, and we now have visibility into the third quarter, we are providing full year Adjusted EBITDA guidance at this time. We expect Realogy’s Adjusted EBITDA will be between $810 to $840 million for the full year 2015 and expect that our Adjusted EBITDA margins will be between 14.1 percent to 14.3%.”

The Company ended the quarter with a cash and cash equivalents balance of $359 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 $3,543 million at June 30, 2015.

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