UPDATE 1-CBRE profit rises, global property sales surge
NEW YORK, April 25 (Reuters) - CBRE Group Inc, one of the world's largest commercial real estate services providers, said first-quarter earnings rose 12 percent as surging property sales globally boosted revenue.
Profit narrowly missed Wall Street's forecast while revenue beat expectations. The stock was flat in after-hours trading.
Excluding charges primarily related to acquisitions and debt refinancing, profit rose to $51.5 million, or 16 cents per share, compared with $45.9 million, or 14 cents per share, in the year-earlier quarter, CBRE said on Thursday.
Revenue rose 9 percent during the usually slow quarter to $1.48 billion.
Analysts on average had forecast 17 cents per share on revenue of $1.46 billion, according to Thomson Reuters I/B/E/S., according to Thomson Reuters I/B/E/S.
Including charges, the company reported net income of $37.5 million, or 11 cents per share, up from $27.0 million, or 8 cents, in the first quarter 2011.
Global property sales revenue rose 21 percent, with Europe, the Middle East and Africa rising 44 percent and Asia Pacific up 61 percent, as both rebounded from low activity levels in the prior-year first quarter. Property sales in the Americas continued to improve steadily, with revenue up 9 percent from a year ago.
For 2013, CBRE maintained its outlook for the year, expecting earnings per share, excluding items charges, in the range of $1.40 to $1.45 per share. Analysts on average had forecast $1.43 per share.
CBRE shares closed at $24.75, up 14 cents or 0.6 percent, on the New York Stock Exchange and were unchanged after hours.
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