DENVER (AP) _ RE/MAX Holdings Inc. (RMAX) on Wednesday reported first-quarter net income of $2.6 million.
The Denver-based company said it had net income of 15 cents per share. Earnings, adjusted for one-time gains and costs, came to 39 cents per share.
The results missed Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for earnings of 42 cents per share.
The franchisor of residential real estate brokerages posted revenue of $70.3 million in the period.
RE/MAX shares have fallen 39% since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $23.50, a fall of 40% in the last 12 months.