Douglas Elliman swings to profit in Q3 as expenses fall
DOUG•Douglas Elliman reported Q3 net income of $7.4 million, compared with a loss a year earlier, while revenue fell to $252.1 million after the sale of its property management business. The company announced a $10 million share repurchase program.
1. Q3 results
Douglas Elliman reported Q3 operating income of $6.3 million and adjusted EBITDA of negative $5.3 million, below the $4.16 million consensus estimate from one analyst. Adjusted net loss was $8 million.
2. Pipeline and expenses
The company said it has a $26 billion development marketing pipeline, including $11.8 billion expected to launch by the end of 2027. It expects AI transformation to gradually reduce non-commission operating expenses over the next three years.
