CBRE Group tops Q3 core profit expectations
CBRE•CBRE Group’s third-quarter core EPS rose 28% to $2.05, beating the $1.97 analyst estimate, while revenue increased 13% to $11.52 billion but missed expectations of $11.77 billion. The company repurchased nearly $1.2 billion in shares year to date.
1. Quarterly results
CBRE Group reported third-quarter core EPS of $2.05, up 28% and above the $1.97 consensus estimate. Revenue rose 13% to $11.52 billion, below analysts’ $11.77 billion estimate; reported EPS was $1.52.
2. Business drivers
Revenue from critical infrastructure services surged 80%, driven by data center services and contributions from the Pearce Services acquisition. Global property sales revenue rose 28%, including a 37% increase in the U.S. Operating profit in real estate development rose significantly, reflecting data center land sales and monetization of other assets.
3. Outlook and buybacks
The company provided no specific financial guidance for the current quarter or full year. It repurchased nearly $1.2 billion in shares year to date.
