BrokerageIndustry News

Realogy reports $132 million loss in Q1

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Real estate brokerage and franchise company Realogy Corp. on Wednesday reported a first-quarter net loss of $132 million, while net revenues totaled $1.05 billion for the period. While the company saw a decrease in transaction sides and a slip in average home-sale price, officials said the quarterly net loss was mainly due to an interest expense of $164 million. "The first quarter of any year is historically our slowest from an earnings perspective almost entirely due to the seasonality of the residential real estate market," Richard A. Smith, Realogy's president and CEO, said in a statement. "We still have most of our annual EBITDA opportunity in front of us and, of course, that's where our focus lies." Earnings before interest, taxes, depreciation and amortization, or EBITDA, was $4 million, slightly above the company's earlier guidance. The company in March announced plans to cut costs through office consolidations and other actions in response to...