The real estate franchise giant also revealed that during the first quarter of 2019 its agent count increased by 3.9%
RE/MAX blew analysts’ expectations out of the water Thursday, reporting $71.2 million in revenue during the first three months of 2019.
Leading into the report, analysts had expected RE/MAX revenue to merely hit $65.25 million, an increase of 24 percent year-over-year.
In a statement Thursday, the company explained that revenue during the beginning of the year “increased almost exclusively due to acquisitions, which constituted primarily the Marketing Funds which the company acquired on January 1, 2019.”
The company also reported net income of $4.4 million during the first quarter of 2019.
Excluding the the Marketing Funds acquisition, RE/MAX’s revenue actually fell 0.4 percent to $52.4 million, the company also revealed Thursday. However, in a statement, CEO Adam Contos said that the company remains “cautiously optimistic about the housing markets in the U.S. and Canada.”
“We remain confident in the continued strength and momentum of our business given the proven ability of RE/MAX agents to perform well in virtually any market cycle,” Contos added.
RE/MAX stock fell slightly prior to the release of the earnings report Thursday, though share prices were up about a dollar compared to one month earlier. Read more