NEW YORK (TheStreet) -- Realogy (RLGY) shares fell 1.13% to $47.28 in trading on Monday after the residential real estate holding company reported its first quarter earnings results before the opening bell today.
The Madison, NJ-based company reported first quarter net income of $32 million, or a net loss of 22 cents per share on an adjusted basis, on revenue that rose 5.5% to $1.06 billion. Analysts on average were expecting the company to report a net loss of 24 cents per share on revenue of $1.07 billion.
"With 10% home sale volume growth, the first quarter was stronger than the 5% to 9% range we anticipated. The increases we saw in homesale transaction sides and average sale price in March, along with the strength of the sales contracts opened in March and April, are indicating a healthy spring selling season for the existing homesale market," the company said in a statement.
TheStreet Ratings team rates REALOGY HOLDINGS CORP as a Hold with a ratings score of C+. TheStreet Ratings Team has this to say about their recommendation:
"We rate REALOGY HOLDINGS CORP (RLGY) a HOLD. The primary factors that have impacted our rating are mixed - some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. The company's strengths can be seen in multiple areas, such as its revenue growth and solid stock price performance. However, as a counter to these strengths, we also find weaknesses including deteriorating net income, generally higher debt management risk and disappointing return on equity."