Realogy Holdings (RLGY) posted net revenue for third quarter 2014 of $1.5 billion, a 1% decrease compared to third quarter 2013.
Net income for third quarter 2014 was $100 million, which is net of $71 million of GAAP income tax expense, $54 million of interest expense, $48 million of depreciation and amortization expense and $6 million of ZipRealty-related transaction and integration costs.
Meanwhile, basic earnings per share hit $0.68 for third quarter 2014.
This beat EPS expectations by $0.03 and revenue by $10 million.
"Our third quarter Adjusted EBITDA matched the third quarter of 2013, even in the face of difficult comparisons from the same quarter last year, which we believe was bolstered by accelerated home closings in a rising mortgage rate environment,” said Richard Smith, Realogy's chairman, CEO and president.
“In addition, we completed the ZipRealty acquisition, and its integration is going well. We continue to be excited about the strategic opportunities available to us as a result of this transaction,” Smith said.
Realogy acquired ZipRealty (ZIPR) back in July for $6.75 per share in an all-cash transaction valued at approximately $166 million.
The company ended the third quarter with a cash and cash equivalents balance of $268 million and no outstanding borrowings under its revolving credit facility. Furthermore, total long-term corporate debt, including the short term portion, net of cash and cash equivalents totaled $3.7 billion at September 30, 2014.
