Strong Fourth Quarter for CBREWednesday, February 6, 2013
CBRE Group Inc. late Wednesday reported a better-than-expected fourth quarter thanks to strong sales globally.
After the markets closed, the Los Angeles commercial real estate services provider reported net income of $173 million (53 cents a share), up 173 percent from the same period a year earlier. Revenue rose 14 percent to $2 billion.
Excluding charges related to acquisitions, net income was up 22 percent to nearly $182 (55 cents). Analysts surveyed by Thomson Reuters on average had expected adjusted net income of 49 cents a share on revenue of $1.87 billion.
“Despite continued fiscal and economic uncertainty, all of our global operating regions delivered solid top-line growth in the fourth quarter,” Chief Executive Robert Sulentic said in a statement, noting that the strong fourth quarter had been preceded by a “sluggish” third quarter.
“This continues a pattern of fluctuating market sentiment that has prevailed throughout the slow-paced recovery,” Sulentic said.
Shares earlier closed down 6 cents, or less than 1 percent, to $21.85 on the New York Stock Exchange, and rose 3.4 percent in after-hours trading.