CBRE Group (CBRE) Tops Q1 EPS by 19c

CBRE Group (NYSE: CBRE) reported Q1 EPS of $0.86, $0.19 better than the analyst estimate of $0.67. Revenue for the quarter came in at $5.94 billion versus the consensus estimate of $5.8 billion.

“We are off to a strong start in 2021, with the highest first-quarter revenue and adjusted earnings per share ever for the company,” said Bob Sulentic, CBRE’s president and chief executive officer. “Our performance is being propelled by our long-standing efforts to diversify our business across four key dimensions: property types, lines of business, geographic markets and client types. The broad diversification of our business, coupled with decisive actions in 2020 to re-set our cost structure, underpinned our earnings growth for the quarter, and we expect to see continued benefits in the quarters and years ahead.”

Mr. Sulentic continued: “For full-year 2021, we now expect adjusted earnings per share to meaningfully surpass 2019’s peak level, with potential upside from discretionary capital deployment. Notably, our outlook for 2021 and beyond envisions strong growth even with continued pressure on the office market. Clearly, that pressure remains very acute right now, particularly in densely populated gateway cities, and will remain challenging for some time to come. However, we strongly believe the pressures on office will recede from today’s extreme levels, as vaccine rollouts continue and companies settle into new normal work regimes.”

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

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