Numbers may be down at Douglas Elliman, but following the astronomical heights of the last two years, the fall apparently hasn’t been as tough to handle in terms of corporate spin.
According to the company’s latest earnings report, Douglas Elliman pulled in $10.2 million in income in Q2 of 2022, compared to net income of $39.5 million a year earlier. Consolidated revenues hit $364.4 million, a decline of $27.6 million (or 7 percent) compared to the prior year period.
For the second quarter of 2022, the company recorded operating income of $14.6 million in the second quarter of 2022, compared to operating income of $43.2 million in the second quarter of 2021. Douglas Elliman’s real estate brokerage segment achieved gross transaction value of approximately $13.6 billion, compared to approximately $15.1 billion for the second quarter of 2021.
“Douglas Elliman delivered the second highest quarterly revenue total in our company’s history this past quarter—and achieved a record-setting revenue for the six months ended June 30, 2022,” said Howard M. Lorber, Chairman and Chief Executive Officer of Douglas Elliman. “We are extremely proud of our team for delivering another successful quarter and we look forward to accelerating our momentum as we capitalize on significant opportunities in the U.S. residential real estate market.”
Given the record-setting year Douglas Elliman had in 2021, a decline was all but inevitable in a cooling market. Seems as if that makes a $25 million-plus income and revenue drop easier to swallow…