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Jun 30, 2024
Anywhere Real Estate Q2 2024 Earnings Report
Reported strong results driven by distinct advantages, accelerating transformation and building future financial strength.
Key Takeaways
Anywhere Real Estate Inc. reported relatively flat revenue year-over-year at $1.7 billion for Q2 2024, but saw an increase in combined homesale transaction volume. Net income increased by $11 million to $30 million, and Operating EBITDA improved by $13 million to $139 million. The company is increasing its full-year cost savings expectations by $20 million to $120 million.
Revenue was $1.7 billion, essentially flat year-over-year, with increases in combined homesale transaction volume offset by softness in relocation revenue.
Combined closed transaction volume increased 3% year-over-year with units down about 5% and price up 8%.
Net Income increased $11 million and Adjusted Net Income increased $10 million versus 2023.
Operating EBITDA of $139 million, a $13 million improvement year-over-year.
Forward Guidance
The Company is increasing the amount it expects to realize in cost savings by $20 million to $120 million in 2024. The Company expects its Free Cash Flow excluding one-time items to be approximately $100 million in 2024.
Positive Outlook
- Increasing cost savings by $20 million to $120 million in 2024.
- Expecting Free Cash Flow excluding one-time items to be approximately $100 million in 2024.
- Antitrust litigation settlement received final court approval.
- Well-positioned for success with resources and support for affiliated agents and franchisees as we approach upcoming industry practice changes.
- The company's combined homesale transaction volume (transaction sides multiplied by average sale price) increased 3% compared with the second quarter of 2023.
Challenges Ahead
- Macroeconomic and housing market uncertainties, including those related to rising inflation.
- Declining affordability and constrained inventory.
- Competitive, litigation and regulatory uncertainties.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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