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RE/MAX: 2Q Earnings Snapshot

DENVER (AP) _ RE/MAX Holdings Inc. (RMAX) on Thursday reported second-quarter net income of $8.6 million.

The Denver-based company said it had profit of 48 cents per share. Earnings, adjusted for one-time gains and costs, were 65 cents per share.

The results exceeded Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for earnings of 59 cents per share.

The franchisor of residential real estate brokerages posted revenue of $71.4 million in the period, which met Street forecasts.

For the current quarter ending in October, RE/MAX said it expects revenue in the range of $69 million to $72 million.

The company expects full-year revenue in the range of $279.5 million to $283.5 million.

RE/MAX shares have declined 6% since the beginning of the year. In the final minutes of trading on Thursday, shares hit $28.87, a decrease of 42% in the last 12 months.

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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on RMAX at https://www.zacks.com/ap/RMAX