Colliers International (CIGI) Tops Q1 EPS by 6c, Revenues Miss

Colliers International (NASDAQ: CIGI) reported Q1 EPS of $0.54, $0.06 better than the analyst estimate of $0.48. Revenue for the quarter came in at $630.4 million versus the consensus estimate of $685.07 million.

“Colliers began 2020 with solid results despite the initial impact of the COVID-19 pandemic in Asia early in the quarter, with the rest of our operations affected primarily in March,” said Jay S. Hennick, Global Chairman and CEO of Colliers International. “Given the uncertainty, we expect the balance of the year to be challenging, particularly for our Brokerage business. Over the past two months, our leadership moved swiftly and responsibly to protect our people and align our costs to expected revenues as conditions warranted it while ensuring business continuity for our clients. However, with 45% of our revenues and 50% of our EBITDA coming from our Outsourcing, Advisory and Investment Management segment – services that are typically more essential, recurring and contractual – we have substantial stability in our business, although we do anticipate some variability in the coming months depending upon market dynamics. Fortunately, Colliers also benefits from its globally diverse revenue streams, with about 55% of revenues coming from the Americas and the balance split between EMEA and Asia Pacific. As markets return to normal, those that recover first will generate increasing revenues sooner as we are already seeing in China and in other parts of Asia and we are also sharing lessons on the best methods to return to work. With a diversified business model, strong balance sheet, entrepreneurial culture, and significant insider ownership, we are confident that Colliers is well positioned to navigate near-term uncertainties and cautiously optimistic that we will emerge from this crisis better than ever,” he concluded.

For earnings history and earnings-related data on Colliers International (CIGI) click here.

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