CBRE Group (CBRE) Misses Q4 EPS by 3c, Offers Guidance

CBRE Group (NYSE: CBRE) reported Q4 EPS of $1.32, $0.03 worse than the analyst estimate of $1.35. Revenue for the quarter came in at $7.12 billion versus the consensus estimate of $6.91 billion.

GUIDANCE:

CBRE Group sees FY2020 EPS of $4.05-$4.25, versus the consensus of $4.07.

For 2020, CBRE expects adjusted earnings-per-share of $4.05 to $4.25, indicating growth of 12% at the mid-point of the range. The company expects growth to be stronger in the second half than the first half of 2020.

This performance is expected to be driven by Advisory Services fee revenue growth in the mid-single-digit percentage range, with a similar level of growth anticipated for both leasing and capital markets (property sales and commercial mortgage origination combined). Fee revenue in the GWS segment is expected to increase in the low double-digit percentage range as the pipeline remains strong and renewals/expansions are expected to be in line with the historical average.

The company also expects solid adjusted EBITDA growth in its Advisory Services and GWS business segments and projects adjusted EBITDA from its REI segment will increase significantly to around $250 million for the year at the midpoint of the company’s outlook, reflecting the benefit of asset sales shifted into early 2020, the expected contribution from Telford Homes and continued investment in the ramp-up of Hana. The REI contribution is expected to be roughly equally weighted between the first and second half of the year, compared with 2019, when over two-thirds of the contribution was in the first half of the year.

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

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