Costar Group (CSGP) Tops Q1 EPS by 17c

Costar Group (NASDAQ: CSGP) reported Q1 EPS of $2.44, $0.17 better than the analyst estimate of $2.27. Revenue for the quarter came in at $392 million versus the consensus estimate of $387.42 million.

“We are pleased with our very strong results in the first quarter of 2020,” said Andrew C. Florance, Founder and Chief Executive Officer of CoStar Group. “As with every business, the COVID-19 pandemic has upended our normal operations. The pandemic hit operations in CoStar’s Beijing office first giving us advance warning and some time to prepare to transition 100% of our North American and European operations to 100% digital remote work. We believe that 95% of CoStar Group’s staff have successfully transitioned to working remotely over the past six weeks at 90% productivity. We believe that our products remain mission critical to the vast majority of our clients as they deal with pandemic driven market disruptions."

Florance continued, “We generated Company-wide net new sales bookings of $48 million in the first quarter of 2020, which is an outstanding achievement given the unprecedented events in March. Demonstrating the value of our marketplaces, LoopNet had its best sales quarter ever and Apartments.com turned in its second-best sales quarter ever. As a result, we were able to achieve overall revenue growth of 19% in the first quarter of 2020, with Apartments.com growing revenue 20% and LoopNet revenues up 23% year-over-year compared to the first quarter of 2019.”

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

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