Realogy Holdings (RLGY) posted fourth-quarter revenue of $1.3 billion, up 3% compared to fourth quarter 2013, driven by higher transaction volume at Realogy's company-owned (NRT) and franchise (RFG) business segments.
Fourth quarter 2014 adjusted EBITDA increased to $167 million, up from $151 million a year ago, a year-over-year increase of 11%. Net income was $21 million for the quarter.
For all of 2014, net revenue was $5.3 billion, up 1% compared to 2013, while net income for 2014 was $143 million.
"Last year, on a combined basis, Realogy's affiliated brokers and agents were responsible for closing approximately $420 billion of homesale transactions," said Richard Smith, Realogy's chairman, CEO and president.
"Realogy was involved in approximately 27% of U.S. existing homesale transaction volume involving a real estate brokerage firm -- a full percentage point gain in market penetration compared to 2013,” Smith said. “The key contributors to our market penetration increase were our relative strength at the high end of the housing market and our ongoing growth initiatives."
Smith continued, "Looking ahead, we are encouraged by the more than 1.6 million new household formations reported by the U.S. Census Bureau last year, which we believe supports an increase in long-term demand for housing."