Brokerage

Buoyed by housing recovery, Realogy turns a profit

Q2 revenue up 17 percent from a year ago, to $1.53B

Real estate giant Realogy posted a profit in the second quarter of 2013, as a recovering housing market boosted business for its brokerage operations and the company enjoyed the benefit of a reduced debt burden, the company reported. Realogy said its net income was $84 million in the second quarter, marking a substantial improvement from the same quarter a year ago, when it swallowed a net loss of $25 million, and the first quarter of 2013, when losses totaled $75 million. The profit rode on the back of $1.53 billion in revenue, up 17 percent from last year, and Realogy said it expected to experience similar annual growth in the third quarter of 2013. "The material improvement in our second-quarter financial results is largely attributable to the strength of our business model, the strong performance of management, a dramatically improved balance sheet with a corresponding material reduction in interest expense, and a housing market recovery that is showing resiliency," said ...