Shares in CB Richard Ellis Group Inc. gained more than 5 percent Tuesday after the company reported it had more than doubled profit and increased revenues more than 60 percent during the second quarter.
CBRE reported second quarter net income $141 million (59 cents per share), a 120 percent jump from $64 million (27 cents) for the same period a year earlier. According to a poll by Thomson Financial, analysts were expecting 42 cents per share.
Revenue for the El Segundo-based real estate firm increased 65 percent to $1.5 billion. The company credited the strong earnings to a 56 percent boost in revenue from operations in the Western Hemisphere, which was in large part due to the $1.9-billion acquisition of Dallas-based Trammell Crow late last year.
Revenue from operations in Europe and Asia were also up 72 percent and 40 percent, respectively.
Shares in CBRE were up $1.84, or 5.2 percent, to $37.24 in afternoon trading Tuesday on the New York Stock Exchange.
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