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Douglas Elliman Inc. Reports Second Quarter 2024 Financial Results

Business Wire
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In This Article:

Second Quarter 2024 Highlights:

  • Consolidated revenues of $285.8 million, compared to $275.9 million in the prior year quarter

    • Douglas Elliman’s real estate brokerage segment’s gross transaction value was approximately $10.6 billion, compared to approximately $9.9 billion in the prior year quarter

    • Douglas Elliman’s real estate brokerage segment reported an average price per transaction of $1.81 million

  • Consolidated operating loss of $3.7 million and real estate brokerage segment operating income of $2.9 million, compared to an operating loss of $8.3 million and $1.0 million, respectively, in the prior year quarter

  • Net loss attributed to Douglas Elliman of $1.7 million, or $0.02 per diluted common share, compared to $5.2 million, or $0.06 per diluted common share, in the prior year quarter

  • Adjusted EBITDA attributed to Douglas Elliman of $2.4 million, compared to a loss of $2.6 million in the prior year quarter

  • Adjusted EBITDA attributed to Douglas Elliman’s real estate brokerage segment of $6.6 million, compared to $2.5 million in the prior year quarter

First Half 2024 Highlights:

  • Consolidated revenues of $486.0 million, compared to $489.9 million in the prior year period

    • Douglas Elliman’s real estate brokerage segment’s gross transaction value was approximately $17.8 billion, compared to approximately $17.2 billion in the prior year period

    • Douglas Elliman’s real estate brokerage segment reported an average price per transaction of $1.72 million

  • Consolidated operating loss of $45.1 million and real estate brokerage segment operating loss of $32.3 million, compared to $32.1 million and $18.4 million, respectively, in the prior year period

  • Consolidated operating loss and real estate brokerage segment operating loss include a $17.75 million litigation settlement charge, of which $7.75 million was paid on June 12, 2024 and up to two additional $5 million contingent payments through December 31, 2027

  • Net loss attributed to Douglas Elliman of $43.1 million, or $0.52 per diluted common share, compared to $22.8 million, or $0.28 per diluted common share, in the prior year period

  • Adjusted EBITDA attributed to Douglas Elliman of a loss of $15.9 million, compared to a loss of $20.2 million in the prior year period

  • Adjusted EBITDA attributed to Douglas Elliman’s real estate brokerage segment of a loss of $7.6 million, compared to a loss of $10.5 million in the prior year period

MIAMI, August 07, 2024--(BUSINESS WIRE)--Douglas Elliman Inc. (NYSE:DOUG) today announced financial results for the three and six months ended June 30, 2024.

"In the second quarter of 2024, Douglas Elliman delivered a year-over-year increase in quarterly revenues and gross transaction value, which reflects the strength of the luxury markets we operate in and the gradual stabilization of home purchasing activity," said Howard M. Lorber, Chairman and Chief Executive Officer of Douglas Elliman. "As the interest rate environment continues to improve, Douglas Elliman is well-positioned to drive long-term growth and value for stockholders due to the distinct competitive advantages provided by our dedicated team of world-class agents and leading development marketing business."

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