Earnings statements for the third quarter of the year are rolling out and we’re diving in to examine the market slowdown’s impact on revenue and growth for some of the industries biggest companies.
Douglas Elliman’s financial results for the three months ending September 30, 2022 showed an $82 million loss in revenue, with $272.6 million in Q3 compared to $354.2 million in the third quarter of 2021. Net loss attributed to Douglas Elliman for the three months ending September 30, 2022 was $4 million or $0.05 per diluted share compared to net income of $25.2 million or $0.32 per diluted share in the third quarter of 2021.
In its earnings call, Howard Lorber, CEO of Vector Group, noted that as Douglas Elliman began operating as a stand-alone public company in 2022, following its spin-off from Vector, expenses incurred by public operations are reported in the corporate and other segment, and the operations of our brokerage businesses are reported in our real estate brokerage segment. Therefore, for comparison purposes, the real estate brokerage segment reported operating income of $1.5 million for the three months ending September 30, 2022, compared to $25.5 million in the third quarter of 2021.
“As our industry enters a down cycle, Douglas Elliman is positioned to take advantage of significant opportunities due to our key strengths, which provide competitive advantages and include our global network, our best-in-class agents and the outstanding relationship we have with them,” Lorber said. “We have added 336 net agents in 2022. In addition to successfully recruiting agents, we are very proud of our 88 percent agent retention rate. Each year, we provide opportunities to bring Elliman agents together so they may establish referral relationships that help to retain important transactional business within Douglas Elliman.”
Year-to-date, Douglas Elliman reported $945.8 million in revenues compared to $1 billion in the 2021 period. Net income attributed to Douglas Elliman for the nine months ending September 30, 2022, was $12.8 million or $0.16 per diluted share compared to net income of $78.7 million or $1.01 per diluted share in the 2021 period.