eXp Realty Parent Third Quarter Revenue Rises 97 Percent to 1.1 Billion
eXp World Holdings, the parent of eXp Realty, reported third quarter revenue of 1.110 billion dollars, up 97 percent and a record. Gross profit rose 70 percent to 79.5 million dollars. Net income rose 60 percent to 23.8 million dollars, including a 12.9 million dollar income-tax benefit. Diluted earnings per share rose 50 percent to 0.15 dollars. Adjusted EBITDA rose 6 percent to 23.1 million dollars.
Agents and brokers on the eXp Realty platform increased 82 percent to 65,269. Closed residential transaction sides rose 72 percent to 130,029, and residential transaction volume rose 97 percent to 46.6 billion dollars. The company repurchased about 53.2 million dollars of stock in the quarter and declared another cash dividend of 0.04 dollars a share, to be paid November 29.
Founder, chairman, and chief executive Glenn Sanford said the company was preparing to launch SUCCESS Lending, a residential mortgage joint venture with Kind Lending, with approval to start in Colorado, Illinois, and Tennessee. The release also noted international openings in Panama and Germany during the quarter. Cash was 98.1 million dollars at September 30.
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