Q3 sales lower Y/Y at Realogy Holdings

• Q3 adjusted EBITDA of $287M vs. $286M one year ago. Free cash flow of $234M or $1.60 per share vs. $1.37 one year ago.
• Gross commission income of $1.162B vs. $1.168B one year ago. Service revenue of $231M vs. $255M. Franchise fees of $96M vs. $94M.
• Franchises: Closed homesale sides of 306,338 vs. 315,432 one year ago. Average homesale price of $255.8K vs. $240.4K. Average broker commission rate of 2.51% vs. $2.53%.
• Company-owned: Closed homesale sides of 89,472 vs. 93,083. Average price of $498.7K vs. $475.8K.
• Full-year adjusted EBITDA is expected at $765M-$775M. In Q4, homesale sides are expected to up 1-3% Y/Y and average sales price up 3-5%. $400M in cash on hand expected at year-end vs. $268M at end of Q3.
• Conference call at 8 ET
• Previously: Realogy Holdings beats by $0.03, beats on revenue
• RLGY flat premarket