Realogy Holdings Corporation reported $ 1.68 billion in revenue in the third quarter of 2018, a year-over-year increase of $ 2 million according to its third-quarter earnings report. In a conference call covering the earnings, the company announced Anthony Hull, the chief financial officer and executive president is retiring.
“[Hull] has had a tremendous positive impact on Realogy over the past 15 years,” Ryan Schneider, the president and CEO of Realogy Holdings Corp said, in a statement. “He has helped Realogy navigate through both market booms and downturns, including the Great Recession. He led Realogy’s successful 2012 IPO, and since then has guided Realogy as a public company.”
Hull will remain on as a senior advisor until March 31, 2019. In the interim, longtime finance leader Timothy Gustavson will serve as interim CFO and treasurer while the company begins the search for a longterm replacement.
The real estate franchisor whose brands include Coldwell Banker, Century 21, Better Homes and Gardens, Corcoran and others, increased its transaction volume by 1 percent, which was the industry average for the same time period according to the National Association of Realtors.
Overall, Realogy finished the quarter with a net income of $ 103 million, compared to $ 95 million in the third quarter of 2017. Operating earnings before interest, tax, depreciation and amortization fell to $ 242 million, a decrease of $ 16 million compared with the third quarter of 2017.
“This quarter we generated substantial revenue, operating EBITDA and free cash flow, as well as maintained our market share, all despite the past few months of housing market softness,” Schneider said in a release. “We remain optimistic about the future and continue to invest to drive top and bottom line growth. We are launching two new franchise brands to grow our franchise revenue, enhancing our value to agents with new products and expanding our use of technology and data.”