Industry News

Cendant reports Q2 real estate-related earnings

Realogy revenue drops 7% compared to a year ago

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Second-quarter revenue for Realogy Corp., a company formed this year through a spinoff of Cendant Corp.'s Real Estate Services division, fell $140 million, or 7 percent, from the division's revenue in second-quarter 2005, according to a Cendant earnings report released Wednesday. It was the last quarterly earnings report by Cendant, which has already begun the process of splitting up its business segments into three publicly traded and one privately held company. Earnings before interest, taxes, depreciation and amortization, also known as EBITDA, fell $87 million, or 22 percent, in the second quarter compared to second-quarter 2005. This reduction is a reflection of "reduced home-sale volumes, partially offset by growth in the average prices of homes sold and the impact of acquisitions," Cendant reported. Royalty revenue within the company's real estate franchise business decreased $13 million (9 percent) in second-quarter 2006 compared to second-quarter 2005. The decrease "was...