Realogy Holdings Corp., a global real estate brokerage, announced Monday that its second-quarter revenue and earnings dropped from the year-before period.
The Madison-based company said net revenue was $1.51 billion, a 1 percent decline from $1.53 billion in the second quarter of 2013. Adjusted earnings were $269 million, down 3 percent from a year earlier. Net earnings, however, fell 19 percent, to $68 million, from $84 million.
"With our recently announced agreement to acquire ZipRealty, we seized upon an exceptional opportunity to further drive growth in our brokerage operations and undertake a significant technology upgrade across our franchise systems," Richard A. Smith, Realogy's chairman, CEO and president, said in a statement. "For the second quarter, we are pleased to report that we outperformed the high end of our previously announced guidance range by achieving homesale transaction volume gains of 3 percent for the quarter on a combined basis between our company-owned brokerages and franchise business segments.”
ALSO ON NJBIZ: