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Realogy Holdings today reported earnings that declined by 19 percent in its second quarter, and beat analysts' expectations.
The Madison-based company that owns brokerage brands Coldwell Banker and Century 21said net income dropped to $68 million, or 46 cents per share, from $84 million, or 57 cents per share, in the same quarter a year earlier.
Earnings, adjusted for one-time gains and costs, came to 59 cents per share. The average estimate of analysts surveyed by Zacks Investment Research was for earnings of 55 cents per share.
The company said revenue declined 1.4 percent to $1.51 billion from $1.53 billion in the same quarter a year ago, and topped Wall Street forecasts. Analysts expected $1.5 billion, according to Zacks.
Realogy Holdings shares have dropped $13.37, or 27 percent, to $36.10 since the beginning of the year. The stock has decreased $8.50, or 19 percent, in the last 12 months.
In May, the company said it expected a slowdown in sales would persist this year. It attributed the decline to an inventory shortage, tight lending standards and higher prices and mortgage rates that have caused some would-be homebuyers to hold back, Bloomberg News reported at the time.