DALLAS - CBRE Group, Inc. (NYSE:CBRE) announced its financial results for the first quarter ended March 31, 2024, revealing a mixed performance that saw the company's earnings surpass analyst expectations while revenue met forecasts.
The global commercial real estate services and investment firm reported an adjusted EPS of $0.78, which was $0.09 higher than the analyst estimate of $0.69. Revenue for the quarter was in line with the consensus estimate at $7.94 billion.
CBRE Shares were up 4.99% in premarket trading Friday.
CBRE's first quarter showed a 7.1% increase in revenue compared to the same quarter last year, with net revenue growing by 6.3%. GAAP EPS rose by 10% to $0.41, while core EPS saw a decrease of 15% to $0.78. The company's leasing revenue outperformed expectations, particularly in office leasing, which grew globally, reflecting a resilient economy and progress in companies bringing employees back to the office. However, persistent inflation and higher interest rates led to underperformance in property sales transaction activity.
Bob Sulentic, CBRE’s chair and chief executive officer, commented on the results, "We started 2024 by delivering core earnings that exceeded our expectations heading into the year, driven, in part, by solid net revenue growth." He also highlighted the double-digit net revenue growth in the Global Workplace Solutions segment and the company's actions to align costs with revenue trajectory.
Looking forward, CBRE expects to generate core earnings per share in the range of $4.25 to $4.65 for the full year of 2024. This guidance reflects the company's confidence in its Resilient Businesses' continued strong performance, rapid actions on costs, and the Advisory Segment's growth target for the year.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.