-- Real Matters (REAL.TO) swung to consolidated net income in the second quarter, while consolidated net revenue rose, the company said on Friday.
For the second quarter, the company posted consolidated net income of US$1.2 million, compared to consolidated net loss of $2.2 million in the corresponding year-ago quarter.
It posted second quarter adjusted net income per diluted share of $0.01 per share, compared to adjusted net loss per diluted share of $0.02 per share in the year-ago quarter. The consensus estimates compiled by FactSet for Non GAAP EPS was nil.
Second quarter consolidated net revenue was $13.6 million, compared to $10.1 million in the year-ago quarter. The consensus estimates compiled by FactSet for sales was $12.7 million.
For the second quarter, consolidated revenue was $47.2 million, compared to $37.3 million in the year-ago quarter.
"U.S. Appraisal revenues were up 26% and Adjusted EBITDA was up 41%. Our U.S. Title segment delivered exceptional year-over-year growth in the second quarter, with revenues up 127% and Net Revenue increasing 176%, driven by new client wins, market share gains, and improved refinance market conditions," said Real Matters Chief Executive Officer Brian Lang.