Yikes! Realogy’s (Coldwell / Sotheby’s) profits dropped 68 percent last year.

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It turns out 2018 was tough for the company, which counts Sotheby’s International Realty among its subsidiaries. The New Jersey-based conglomerate logged $137 million in profits in 2018, marking a 68 percent drop from 2017, E.B. Solomont reports.

Realogy’s net income of $431 million in 2017 was largely due to President Trump’s tax plan. But make no mistake, the company underperformed, and it was the final quarter of 2018 that hit the hardest. The company lost $22 million compared to net income of $255 million during 2017’s fourth quarter. When stock market trading ended on Tuesday, Realogy’s stock hit an all-time low at $14.14, a nearly 42 percent fall year-over-year. At its peak, Realogy had a market cap of $6.7 billion in 2013. Today? It’s $1.67 billion.

Posted: 24 days ago
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