CB Richard Ellis Group Inc. said late Wednesday that it moved to a profit in the fourth quarter that was better than Wall Street expected.
The Los Angeles commercial real estate company reported net income of $64.3 million (21 cents a share), compared with a loss of $1.1 billion (-$4.70) a year earlier. Revenue rose 1.5 percent to $1.3 billion.
Excluding one-time charges, CB Richard Ellis said it would have earned $86 million (28 cents). Analysts polled by Thomson Reuters on average expected the company to report adjusted earnings of 18 cents per share on $1.16 billion in revenue.
The company, which retrenched during the recession, said investment sales activity in the quarter began recovering in Europe and the Asia Pacific regions, and in the Americas grew for the first time in nine quarters. Leasing results were also sharply higher in the Asia Pacific.
“Fourth-quarter results were by far our best for the year, and we achieved quarterly year-over-year top-line growth for the first time in seven quarters,” said Chief Executive Brett White in a press release.
For the full year, the company earned $33.3 million (12 cents), compared with a loss of $1.01 billion (-$4.81) in 2008. Revenue fell nearly 19 percent to $4.17 billion.
The company estimates 2010 revenue should grow by 6 percent to 8 percent and earnings should grow by 15 percent to 20 percent per share.
Shares closed down $1.01, or 7 percent, to $12.68 Thursday on the New York Stock Exchange.