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RE/MAX beats 4Q profit forecasts

DENVER (AP) _ RE/MAX Holdings Inc. (RMAX) on Thursday reported fourth-quarter profit of $3.9 million.

On a per-share basis, the Denver-based company said it had profit of 22 cents. Earnings, adjusted for non-recurring costs, were 41 cents per share.

The results exceeded Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for earnings of 37 cents per share.

The franchisor of residential real estate brokerages posted revenue of $44.4 million in the period.

For the year, the company reported profit of $22.7 million, or $1.29 per share. Revenue was reported as $176.3 million.

For the current quarter ending in April, RE/MAX said it expects revenue in the range of $47 million to $48.5 million.

The company expects full-year revenue in the range of $194 million to $197 million.

RE/MAX shares have climbed almost 9 percent since the beginning of the year. In the final minutes of trading on Thursday, shares hit $60.90, an increase of 84 percent 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

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Keywords: RE/MAX, Earnings Report