Realogy Holdings Corp. released its third-quarter earnings report on Thursday, revealing revenue of $1.9 billion, an increase of 20% year over year, or $307 million. In Q2 the company reported a revenue of $1.2 billion for the three months ended June 30.
The Madison, New Jersey-based company also reported a net income of $145 million from continuing operations and a net income of $98 million including discontinued operations in Q3.
The company’s closed transaction volume increased 28% year over year.
EBITDA was at $309 million for Q3, an increase of $103 million year over year. The company’s title and mortgage business brought in $95 million EBITDA in Q3.
“In the third quarter, Realogy continued to execute from a position of strength, delivering exceptional top-line and bottom-line growth,” Charlotte Simonelli, Realogy’s executive vice president, chief financial officer and treasurer, said.
“We improved operating margins, captured greater share of transaction economics with our mortgage joint venture and title operations, stayed laser focused on cost management and simplification, and strengthened our balance sheet. Overall, Realogy’s financial profile is much stronger today, and I am optimistic for our future,” Simonelli said.
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Sales of Realogy’s brokerage group increased 10% year over year in Q3 and the average home sale price increased 11%, to $563,513.
“I am incredibly proud of Realogy’s third quarter,” Ryan Schneider, Realogy’s chief executive officer and president said. “We generated $309 million of Operating EBITDA, grew closed transaction volume 28%, gained market share, and materially reduced our debt.”
“Our strategic progress, agent and brand power, and technology initiatives, amplified by the very strong housing market, drove Realogy’s results. And with very strong preliminary October volumes, we are excited as we look ahead,” Schneider said.