CB Richard Ellis Group Inc. said adjusted fourth-quarter profit jumped 34 percent, as nearly all of the real estate services company’s units reported they were pulling up from the depths of the commercial real estate slump.
After the Thursday markets closed, the Los Angeles real estate giant reported net income of $95.1 million (30 cents per shares), compared with 64.3 million (21 cents) a year earlier.
Revenue rose 27 percent to $1.65 billion, with global leasing revenue jumping 35 percent and business in its Americas region also up 35 percent. Development services, which also includes investment activities mostly in the United States, was one of the few low performers, dropping 39 percent.
Excluding charges, the company reported profit of $115 million (36 cents). Analysts surveyed by Thomson Reuters on average expected adjusted per-share profit of 34 cents on revenue of $1.57 billion.
Full-year net income last year jumped more than 500 percent to more than $200 million (63 cents) as revenue rose 23 percent to $5.1 billion. The company expects this year’s adjusted earnings to be 95 cents to $1.05 per share, in line with the Wall Street consensus of 99 cents.
“We believe the market remains in the early stages of recovery, and we enter 2011 with excellent momentum in most business lines globally,” Chief Executive Brett White said in a statement. He noted that it was the company’s second-most profitable year ever.
Shares had closed down 26 cents, or 1 percent, to $23.78 on the New York Stock Exchange.
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