Industry News

Cendant grows real estate revenues

Real estate transactions down from first-quarter '05

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Cendant Corp. reported net revenues of $1.43 billion for its real estate services segment in the first quarter, up 1 percent from first-quarter 2005, and total net revenues of $4.22 billion, up 7 percent from first-quarter 2005. Earnings before interest, income taxes, depreciation and amortization, also known as EBITDA, dropped 25 percent in the real estate segment from first-quarter 2005 to first quarter 2006 – falling from $161 million to $121 million. Total revenue for Cendant's real estate franchise business fell slightly from $122.34 million in first-quarter 2005 to $121.74 million in first-quarter 2006. Total revenue also dropped 1 percent to $1.1 billion for the company's real estate brokerage business in first-quarter 2006 compared to first-quarter 2005. The company's relocation business had total revenue of $110.35 million in the first quarter, a 4 percent gain from first-quarter 2006. And the company's settlement services segement had total revenue of $91.28 mill...