Shares of CBRE Group Inc. rose nearly 9 percent on Thursday after the real estate services giant reported better-than-expected first quarter net income and revenue growth.
After the markets closed on Wednesday, the Los Angeles company reported first-quarter net income of $67.7 million (21 cents a share), compared with $37.5 million (11 cents) in the same period a year earlier. Revenue rose 26 percent to $1.86 billion.
Adjusted net income was 25 cents a share. Analysts surveyed by Thomson Reuters on average expected CBRE to report adjusted net income of 17 cents a share on revenue of $1.71 billion.
On a Thursday conference call with analysts, Chief Executive Bob Sulentic said the company achieved significant growth, especially in England.
“We were pleased to see activity pickup in Europe as investor and business confidence has improved in step with the recovering economies,” Sulentic said.
In the Americas region, CBRE’s largest business segment, revenue rose 10 percent, driven by double-digit growth in property sales, leasing, facilities management and strategic consulting.
Shares closed up $2.35, or 8.8 percent, to $28.99 on the New York Stock Exchange.
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