NEW YORK, July 25 Real estate services company
CBRE Group Inc reported second-quarter earnings that
fell short of Wall Street's estimates, as weakness in Europe
partly offset stronger brokerage fees from global property
Excluding charges related to debt refinancing and
acquisitions, CBRE on Thursday reported earnings of $101.8
million, or 31 cents a share, up 16 percent from $88.0 million,
or 27 cents per share, a year ago.
Analysts, on average, expected earnings of 34 cents a share,
excluding charges, according to Thomson Reuters I/B/E/S.
Including charges, the Los Angeles-based company reported
quarterly net income of $69.9 million, or 21 cents a share,
compared with $75.9 million, or 23 cents a share, in the second
quarter of 2012.
Second-quarter revenue grew 9 percent, to $1.74 billion,
ahead of the average of analysts forecasts of $1.73 billion.
CBRE maintained its full-year forecast for earnings,
excluding items, in the range of $1.40 to $1.45 per share. But
the company said the current level of strong sales could enable
its investment management business, CBRE Global Investors, to
help the company modestly exceed that.
Shares of CBRE on Thursday closed up 0.5 percent, or 12
cents, at $24.48 on the New York Stock Exchange and fell 0.6
percent to $24.34 after hours.