NEW YORK - Anywhere Real Estate Inc. (NYSE:HOUS) shares were up 7.5% in premarket trading Thursday despite missing earnings and revenue estimates in the third quarter.
The real estate services company posted adjusted earnings of $0.06 per share, missing analyst estimates of $0.28 per share. Revenue came in at $1.54 billion, below expectations of $1.64 billion but down only 3% year-over-year despite challenging housing market conditions.
"I am proud of our third quarter performance as Anywhere delivered strong Operating EBITDA and free cash flow, invested meaningfully in the business for future growth, gained luxury share, and strengthened our balance sheet," said Ryan Schneider, Anywhere president and CEO.
The company generated $94 million in Operating EBITDA and $99 million in free cash flow during the quarter. Its luxury brands Corcoran and Sotheby's International Realty outperformed the broader market with 5% transaction volume growth.
Anywhere maintained its full-year cost savings target of $120 million. It also repaid $196 million of debt and repurchased $26 million of unsecured notes at a discount during the quarter, capturing $7 million in savings.
The company's preliminary October data showing 9% closed transaction volume growth and 16% open transaction volume growth also likely boosted investor optimism.
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