Anywhere Real Estate Shares Fall After 2Q Miss

Roger Pettingell Sarasota Real Estate

By Michael Dabaie

Anywhere Real Estate Inc. shares fell 7.8% to $9.62 in early afternoon trading after missing second-quarter analyst estimates and lowering its operating EBITDA forecast.

The residential real estate services company earlier reported second-quarter revenue of $2.1 billion, a decrease of 6% and short of FactSet consensus of $2.2 billion.

The company said revenue was largely impacted by the absence of revenue from its former title underwriter business due to its sale in the first quarter, as well as lower homesale transaction volume.

Adjusted EPS came to 69 cents, missing FactSet consensus for 98 cents.

The company lowered its 2022 guidance for operating earnings before interest, taxes, depreciation and amortization to $600 million to $700 million, from $750 million to $800 million, and cautioned that the macroeconomic environment continues to shift quickly.

For the second quarter, the company said operating EBITDA was $202 million, a decrease of $108 million year-over-year.

The company said the reduction from prior estimates was mainly from declines in projected year-over-year homesale transaction volume in the range of 10% to 20% in the second half of 2022. That implies year-over-year declines in homesale transaction volume in the range of 6% to 11% for full year 2022, Anywhere said.

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