CBRE Profit Falls on ChargesThursday, July 25, 2013
CBRE Group Inc. saw a decline in second-quarter earnings as the global real estate services provider experienced softness in its European business, and took charges related to debt refinancing and acquisitions.
After the markets closed Thursday, the Los Angeles company net income of $69.9 million (21 cents a share), down 9 percent from the same period a year earlier. Revenue rose 9 percent, to $1.74 billion, with CBRE benefitting from higher brokerage fees from global property sales.
Excluding $31.9 million in charges, net income was 31 cents a share, up 16 percent. Analysts surveyed by Thomson Reuters on average expected adjusted earnings 34 cents a share on revenue of $1.73 billion.
CBRE continues to expect that its full-year adjusted net income will be in the range of $1.40 to $1.45 per share.
Shares earlier closed up 12 cents, or less than 1 percent, to $24.48, and were down less than 1 percent in after-hours trading.