Realogy Holdings — the public real estate conglomerate whose brands include the Corcoran Group, Citi Habitats and Sotheby’s International Realty – saw a $46 million loss in the first quarter that was larger than analysts expected.
The company reported $1 billion in net revenue, up 5 percent year-over-year. Analysts expected a loss of $0.21 per share, when it turned out to be $0.32 per share. Included in the loss is $70 million in interest expenses and $46 million in depreciation expenses.
Realogy does not foresee the slowdown in revenue easing up anytime soon.
“This trend, which is expected to continue for much of 2014, along with a pause in the rate of growth in the housing recovery we are seeing this year, could make for challenging near-term comparisons, although current industry forecasts for 2015 are more favorable,” Realogy CEO Richard Smith said in a statement cited by HousingWire. [HousingWire] — Mark Maurer