CBRE Group (CBG) Tops Q1 EPS by 9c, Beats on Revenue

CBRE Group (NYSE: CBG) reported Q1 EPS of $0.43, $0.09 better than the analyst estimate of $0.34. Revenue for the quarter came in at $3 billion versus the consensus estimate of $2.94 billion.

• Revenue of $3.0 billion, up 5% (7% local currency)
• Fee Revenue of $1.9 billion, up 5% (7% local currency)
• GAAP EPS of $0.38, up 58%; Adjusted EPS of $0.43, up 19%

Business Outlook

“We are pleased with the excellent performance our people produced in the first quarter. As we look ahead, we are increasingly energized by our market position and prospects,” Mr. Sulentic said. “Our business has positive momentum and our people – supported by our increasingly robust operating platform – are well positioned to capitalize on a generally favorable macro environment. At the same time, it is important to remember that the first quarter is typically our seasonally lightest quarter for revenue and earnings, and the impact of our cost savings actions is particularly pronounced this quarter. As always, we caution against extrapolating first quarter performance to the full year and we are not updating guidance only three months into the year.”

For earnings history and earnings-related data on CBRE Group (CBG) click here.

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