We’re beginning to get a glimpse of how a market slowdown is impact quarterly business, as Anywhere has dropped its Q2 earnings report.
The company formerly known as Realogy shared that it generated revenue of $2.1 billion last quarter (ending June 30), a decrease of 6 percent or $134 million year-over-year. The report places significant revenue loss to the absence of revenue from its former title underwriter business as well as lower homesale transaction volume.
“Even in a much tougher housing market, Anywhere delivered the solid profitability and Free Cash Flow that we believe the market is increasingly valuing,” said Ryan Schneider, Anywhere president and CEO. “Anywhere continues to invest in the business, especially our strategic focus on simplifying and reimagining the home buying and selling experience for consumers as we leverage our strong financial profile and demonstrated ability to deliver results.”
The company reported net income of $88 million and basic earnings per share of $0.76, a decrease of $61 million or $0.52 per share vs. the prior year. Its combined closed transaction volume decreased 6 percent last quarter compared to Q2 of 2021.
“We continued to strengthen our balance sheet in July with an amendment and extension of our revolving credit facility giving us even further financial flexibility,” said Charlotte Simonelli, Anywhere executive vice president, chief financial officer, and treasurer. “We have targeted an additional $70 million of cost savings to give us greater flexibility to balance our strategic priorities and growth investments against the current housing market backdrop.”