CBRE Group shares surge after earnings and revenue beat
Shares of CB Richard Ellis Group jumped 7 percent Thursday after the commercial real estate company posted earnings that beat Street expectations.
CBRE reported earnings of 93 cents per share on revenue of $3.8 billion, while analysts expected earnings of 80 cents per share on revenue of $3.89 billion, according to Thomson Reuters consensus estimates.
The commercial real estate company's CEO, Bob Sulentic, spoke about the double-digit growth for CBRE's fourth quarter.
"We ended 2016 on a high note," said Bob Sulentic, CBRE's president and chief executive officer. "CBRE recorded double-digit adjusted earnings growth for the fourth quarter and the year, with excellent performance in all three regional services businesses."
Stripping out the foreign exchange impact, its adjusted earnings per share rose 19 percent year-over-year in the fourth quarter.
CBRE also sees earnings of $2.35 per share to $2.45 per share for its full-year 2017 guidance, but anticipates growth to be "constrained by a 6-cent per share headwind from adverse foreign currency movement."