In a story on Thursday, Aug. 6, about RE/MAX's earnings, The Associated Press reported erroneously reported that the company reported a loss in its second-quarter. In fact, RE/MAX reported a profit in its second quarter of $5 million, or 40 cents per share.
A corrected version of the story is below:
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RE/MAX reports 2Q profit
RE/MAX reports second-quarter profit of $5 million
DENVER (AP) — RE/MAX Holdings Inc. (RMAX) on Thursday reported a second-quarter profit of $5 million, beating Wall Street expectations.
On a per-share basis, the Denver-based company said it had earnings of 40 cents. Earnings, adjusted for non-recurring costs and amortization costs, were 47 cents per share.
The results topped 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 $44.3 million in the period.
RE/MAX shares have risen 13 percent since the beginning of the year. In the final minutes of trading on Thursday, shares hit $38.61, an increase of 34 percent in the last 12 months.
Elements of this story were generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on RMAX at http://www.zacks.com/ap/RMAX
Keywords: RE/MAX, Earnings Report