By Josh Beckerman
Re/Max Holdings Inc. said it had its largest quarterly gain in
agents since 2006 as it reported higher revenue and earnings in the
first quarter.
Agent count rose 5.9% to 99,955, the company said.
"As the economy and the housing market continue to improve, we
are optimistic for a successful spring buying and selling season,"
the company said.
Re/Max filed to go public in August 2013, a relatively strong
period for the housing market, and went public in October 2013 at
$22.
Last year, existing home sales in the U.S. fell slightly.
The National Association of Realtors said last week that its
pending home sales index, which is based on contract signings for
purchases of previously owned homes, increased 1.1% in March, the
third straight monthly gain.
Re/Max reported a profit of $2.75 million, or 22 cents a share,
up from $2.41 million, or 20 cents a share, a year earlier.
Excluding items, earnings were 32 cents a share. Analysts polled by
Thomson Reuters had expected earnings of 31 cents a share.
Revenue rose 5.6% to $44.2 million, above the company's March
estimate of 4% to 5% growth.
Exchange rates had a negative effect of about four cents a share
in the latest quarter.
Earlier this year, the company said it would double its
quarterly dividend and pay a special dividend, citing its strong
balance sheet and cash flow.
Write to Josh Beckerman at josh.beckerman@wsj.com