CBRE posts 31% jump in revenue, 13% growth in profit in 3rd quarter
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CBRE Group Inc., the world’s largest commercial real estate brokerage, reported a 31% jump in revenue during the third quarter to $1.7 billion, led in part by a surge in property sales around the globe.
Profit for the Los Angeles company was up 13% to $107.1 million, or 32 cents a share, compared with $94.4 million, or 28 cents, in last year’s third quarter.
Excluding selected charges, profit would have been 40 cents a share, a nickel over analysts’ estimates.
Improvements in business were widespread geographically and in categories of company services, Chief Executive Bob Sulentic said.
“CBRE produced excellent growth across markets and business lines during the third quarter,” he said. “Growth was strong in all three global regions and we achieved double-digit revenue increases in nearly all business lines, led by impressive gains in capital markets, occupier outsourcing and leasing.”
Analyst Craig Silvers said he was impressed that CBRE’s gains were across the board.
“Twenty percent growth in each of their geographic regions is phenomenal,” said Silvers, president of Bricks & Mortar Capital. “It was a good quarter.”
CBRE shares closed down 31 cents, or 1%, at $30.75 before its earnings were announced.
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