CBRE Group (NYSE: CBRE) reported Q4 EPS of $1.45, $0.51 better than the analyst estimate of $0.94. Revenue for the quarter came in at $6.91 billion versus the consensus estimate of $6.33 billion.

“We ended 2020 on a high note with adjusted earnings per share for the quarter reaching an all-time high and adjusted EBITDA growing by 9%,” said Bob Sulentic, CBRE’s president and chief executive officer. “This capped a year of significant challenges stemming from Covid-19, but also one that brought to the forefront CBRE’s competitive advantages, our ability to capitalize on often-overlooked industry opportunities, and the resiliency we’ve built into the business over the past decade.”

“Our broad diversification across four key dimensions – property types, lines of business, geographic markets and clients – has served us well compared with prior downturns,” he continued. “Now we are exiting the worst of the Covid-19 crisis in great shape, with a leaner operating structure, significant financial capacity and a strategy squarely aimed at the many opportunities unfolding in our industry, including those with secular tailwinds. We’ve built our long-term plan on the assumption that office demand remains under pressure. Nevertheless, we still expect to achieve a minimum of low double-digit average annual adjusted earnings per share growth from this year through at least 2025, absent a recession, with meaningful upside potential from additional capital allocation.”

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