Douglas Elliman losing streak continues
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Douglas Elliman losing streak continues
Let’s start off with the good news, Elliman narrows losses to $6M
Results ahead of earnings call mark massive improvement from 2024
In the chief executive’s first full quarter at the helm, the firm significantly narrowed its losses and increased its revenue, buoyed by an uptick in residential deals.
Elliman reported $253 million in revenue compared to $200 million a year ago. The firm has notched revenue gains over the last few months, including closing out 2024 with $1 billion up from $960 million in 2023.
Much of the firm’s improvement is likely attributed to a boost in the housing market at the start of the year, though the company could be reaping the benefits of a two-year-long cost-cutting mission, including $20 million worth of reductions in 2024.
Liebowitz took over as Elliman’s CEO in October, following the sudden retirement of its longtime chairman and CEO Howard Lorber. In his new role, Liebowitz promised to take the firm “in a different direction” after it had stacked up quarterly losses.
“We are charting a new future,” Liebowitz told TRD in the weeks following his promotion. “It is a new day at Douglas Elliman, it’s a departure from the past and a new generation of leadership.”
The firm is due to hold its first quarter earnings at 8 a.m. on Friday, May 2.
Douglas Elliman losing streak continues
Douglas Elliman posted its fifth consecutive quarterly loss, but executives sounded an optimistic note over rising inventory levels and new development opportunities.
The residential brokerage continued to narrow its losses in the third quarter, if by a small margin. It reported a $4.9 million net loss compared to a $4 million loss in the same period last year and $5.2 million net loss in the previous quarter.
“The last six quarters have been a difficult part of the cycle, as historically high mortgage rates have sustained listing inventory shortages across our luxury markets,” Chairman Howard.
