RE/MAX: 2Q Earnings Snapshot
DENVER (AP) _ RE/MAX Holdings Inc. (RMAX) on Thursday reported second-quarter profit of $7.6 million.
On a per-share basis, the Denver-based company said it had profit of 43 cents. Earnings, adjusted for one-time gains and costs, were 62 cents per share.
The results beat Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was for earnings of 59 cents per share.
The franchisor of residential real estate brokerages posted revenue of $54.3 million in the period, also surpassing Street forecasts. Three analysts surveyed by Zacks expected $53.5 million.
For the current quarter ending in October, RE/MAX said it expects revenue in the range of $54 million to $56 million.
The company expects full-year revenue in the range of $213 million to $216 million.
RE/MAX shares have risen 1 percent since the beginning of the year. In the final minutes of trading on Thursday, shares hit $49, a drop of 17 percent in the last 12 months.