Industry News

Realogy to buy back 11 million shares

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Realogy Corp. (NYSE: H) today announced that it plans to repurchase up to 11 million shares of its common stock through open market purchases. This is in addition to 37 million shares that the company has already repurchased. The company, which formed as a spin-off of the real estate-related operations at Cendant Corp., also announced that it expects third-quarter results to be consistent with its most recent projections for full-year 2006, which were announced on Aug. 23 and reconfirmed Sept. 27. These projections indicated that EBITDA (earnings before interest, taxes, depreciation, and amortization), excluding separation, restructuring and legacy costs of its former parent company that were incurred by Realogy, is expected to range from $800 million to $900 million for the full year, according to the announcement. The company expects its third-quarter revenue to be in the range of $1.7 billion to $1.75 billion. EBITDA, excluding separation, restructuring and legacy costs of its for...