CB Richard Ellis Group Inc. said net income plummeted 65 percent in its third quarter, but the results for the world's largest commercial broker still beat Wall Street expectations.
Los Angeles-based CB Richard Ellis after Thursday's market close reported
third-quarter net income of $40.4 million (19 cents a share), compared with $115 million (48 cents) a year ago. Sales declined 13 percent to $1.3 billion, topping Wall Street expectations of $1.18 billion.
The real estate services giant said that in addition to the downturn in the commercial office market, profits were hurt by credit market turmoil and slowed sales in its global investment-management segment.
Excluding charges, the company would have earned $56.1 million (27 cents). Analysts surveyed by Thomson Reuters on average expected profit of only 23 cents per share.
CB Richard Ellis shares were up 17 cents, or 3 percent, to $5.84 in morning trading on the New York Stock Exchange.
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