MADISON, N.J. - Anywhere Real Estate Inc. (NYSE: HOUS), a global leader in residential real estate services, reported its financial results for the first quarter ended March 31, 2024, showcasing resilience in a challenging housing market.
Despite a tough market environment, the company's revenue remained flat year-over-year (YoY) at $1.1 billion, aligning with the prior year's figures but falling short of the analyst consensus estimate of $1.15 billion.
The company's adjusted net loss for the quarter was -$88 million, a marked improvement from the -$106 million loss in the same quarter last year. However, the reported Q1 earnings per share (EPS) of -$0.91 did not meet analyst expectations, which anticipated a loss of -$0.67 per share.
In response to the earnings release, shares of Anywhere Real Estate fell 2.4%.
Ryan Schneider, president and CEO of Anywhere, highlighted the company's disciplined execution and strategic advancements, stating, "Anywhere continued to demonstrate powerful leadership in the face of a challenging housing market and industry landscape." Charlotte Simonelli, the company's CFO, expressed confidence in Anywhere's financial strength and focus on cost savings and cash management.
The company's performance was bolstered by a 2% increase in combined homesale transaction volume YoY, despite a 4% decrease in units and a 7% increase in price. The Sotheby's International Realty brand, part of Anywhere's portfolio, notably outperformed the market with a 7% rise in closed transaction volume, half of which came from unit growth.
Anywhere's management remains committed to delivering at least $100 million in cost savings for the full year.
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